Shopify (NYSE:SHOP) Upgraded to “Overweight” by Morgan Stanley

Morgan Stanley upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from an equal weight rating to an overweight rating in a research report sent to investors on Friday, Marketbeat.com reports. They currently have $85.00 price target on the software maker’s stock, up from their previous price target of $74.00.

A number of other brokerages have also commented on SHOP. UBS Group boosted their price target on shares of Shopify from $75.00 to $80.00 and gave the company a neutral rating in a research note on Wednesday, February 14th. Truist Financial boosted their price target on shares of Shopify from $65.00 to $90.00 and gave the company a hold rating in a research note on Monday, February 12th. StockNews.com lowered shares of Shopify from a hold rating to a sell rating in a research note on Tuesday, April 16th. DA Davidson upped their target price on shares of Shopify from $86.00 to $90.00 and gave the stock a buy rating in a research note on Wednesday, February 14th. Finally, Loop Capital reduced their target price on shares of Shopify from $90.00 to $80.00 and set a hold rating for the company in a research note on Monday, April 15th. Four analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $78.30.

Shopify Stock Performance

Shares of SHOP stock opened at $70.57 on Friday. The firm has a market capitalization of $90.79 billion, a PE ratio of 784.20 and a beta of 2.22. The firm has a fifty day simple moving average of $75.98 and a two-hundred day simple moving average of $72.25. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. Shopify has a 12 month low of $45.50 and a 12 month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. Analysts forecast that Shopify will post 0.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several institutional investors have recently added to or reduced their stakes in SHOP. Private Wealth Management Group LLC purchased a new stake in Shopify during the fourth quarter valued at about $26,000. SJS Investment Consulting Inc. lifted its holdings in shares of Shopify by 59.1% in the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after buying an additional 130 shares in the last quarter. DSM Capital Partners LLC purchased a new stake in shares of Shopify in the fourth quarter worth about $28,000. Jones Financial Companies Lllp purchased a new stake in shares of Shopify in the fourth quarter worth about $28,000. Finally, Your Advocates Ltd. LLP lifted its holdings in shares of Shopify by 4,344.4% in the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock worth $31,000 after buying an additional 391 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.