Shopify (NYSE:SHOP) Hits New 52-Week High at $375.86

Shopify Inc (NYSE:SHOP) (TSE:SHOP)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $375.86 and last traded at $374.88, with a volume of 773544 shares changing hands. The stock had previously closed at $361.83.

Several research firms have commented on SHOP. Mackie raised their target price on shares of Shopify from $280.00 to $360.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Raymond James raised their price objective on shares of Shopify from $270.00 to $365.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Robert W. Baird raised their price objective on shares of Shopify from $360.00 to $370.00 in a research report on Thursday, August 1st. Zacks Investment Research lowered shares of Shopify from a “hold” rating to a “sell” rating and set a $379.00 price objective for the company. in a research report on Friday, August 9th. Finally, UBS Group raised their price objective on shares of Shopify from $295.00 to $395.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $327.00.

The firm’s fifty day simple moving average is $333.13 and its 200 day simple moving average is $257.35. The company has a market capitalization of $40.34 billion, a price-to-earnings ratio of -613.98 and a beta of 1.30. The company has a debt-to-equity ratio of 0.05, a current ratio of 11.44 and a quick ratio of 11.44.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Thursday, August 1st. The software maker reported $0.14 EPS for the quarter, topping the consensus estimate of ($0.31) by $0.45. Shopify had a negative net margin of 5.98% and a negative return on equity of 3.85%. The company had revenue of $361.98 million during the quarter, compared to analysts’ expectations of $350.59 million. During the same period last year, the company posted $0.02 earnings per share. The business’s revenue for the quarter was up 47.8% on a year-over-year basis. Equities research analysts forecast that Shopify Inc will post -0.82 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Tortoise Investment Management LLC acquired a new stake in shares of Shopify during the first quarter worth approximately $29,000. Beutel Goodman & Co Ltd. acquired a new stake in shares of Shopify during the first quarter worth approximately $35,000. Signaturefd LLC boosted its holdings in shares of Shopify by 56.9% during the first quarter. Signaturefd LLC now owns 171 shares of the software maker’s stock worth $35,000 after purchasing an additional 62 shares during the period. Executive Wealth Management LLC boosted its holdings in shares of Shopify by 34.6% during the first quarter. Executive Wealth Management LLC now owns 175 shares of the software maker’s stock worth $36,000 after purchasing an additional 45 shares during the period. Finally, Aperio Group LLC acquired a new stake in shares of Shopify during the second quarter worth approximately $37,000. Institutional investors own 64.02% of the company’s stock.

About Shopify (NYSE:SHOP)

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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