Shopify (NASDAQ:SHOP) Raised to Outperform at Wolfe Research

Shopify (NASDAQ:SHOP) (TSE:SHOP) was upgraded by equities research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday,BayStreet.CA reports.

Several other brokerages also recently weighed in on SHOP. Morgan Stanley reaffirmed an “overweight” rating and set a $192.00 target price (up previously from $165.00) on shares of Shopify in a research note on Wednesday, November 5th. Canaccord Genuity Group lifted their target price on Shopify from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Truist Financial set a $155.00 price target on shares of Shopify and gave the company a “hold” rating in a report on Tuesday, November 4th. Robert W. Baird raised their price objective on Shopify from $160.00 to $170.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Shopify in a report on Monday, December 1st. Twenty-three analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $169.14.

Shopify Stock Performance

Shares of SHOP traded up $0.39 during trading hours on Tuesday, hitting $166.60. The stock had a trading volume of 2,628,736 shares, compared to its average volume of 4,948,715. The company’s fifty day simple moving average is $160.77 and its 200 day simple moving average is $146.57. The firm has a market cap of $216.89 billion, a P/E ratio of 123.41, a P/E/G ratio of 4.67 and a beta of 2.83. Shopify has a 12-month low of $69.84 and a 12-month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. As a group, sell-side analysts predict that Shopify will post 1.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SHOP. Twin Peaks Wealth Advisors LLC lifted its stake in shares of Shopify by 1.7% in the third quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker’s stock worth $512,000 after acquiring an additional 59 shares during the period. Accurate Wealth Management LLC increased its position in shares of Shopify by 2.0% during the third quarter. Accurate Wealth Management LLC now owns 3,438 shares of the software maker’s stock worth $526,000 after acquiring an additional 67 shares in the last quarter. Moloney Securities Asset Management LLC lifted its holdings in shares of Shopify by 1.8% in the third quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock valued at $587,000 after purchasing an additional 70 shares in the last quarter. Rothschild Investment LLC boosted its holdings in Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Finally, Sivia Capital Partners LLC grew its position in Shopify by 0.9% in the 3rd quarter. Sivia Capital Partners LLC now owns 8,265 shares of the software maker’s stock worth $1,228,000 after purchasing an additional 75 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.