Investment Analysts’ Weekly Ratings Changes for Shopify (SHOP)

Shopify (NYSE: SHOP) recently received a number of ratings updates from brokerages and research firms:

• 9/11/2024 – Shopify had its price target raised by analysts at Wells Fargo & Company from $80.00 to $90.00. They now have an “overweight” rating on the stock.
• 9/10/2024 – Shopify had its “market outperform” rating reaffirmed by analysts at JMP Securities. They now have a $80.00 price target on the stock.
• 9/5/2024 – Shopify is now covered by analysts at Cantor Fitzgerald. They set a “neutral” rating and a $70.00 price target on the stock.
• 8/29/2024 – Shopify had its “neutral” rating reaffirmed by analysts at Piper Sandler. They now have a $67.00 price target on the stock.
• 8/20/2024 – Shopify had its price target raised by analysts at JPMorgan Chase & Co. from $74.00 to $76.00. They now have an “overweight” rating on the stock.
• 8/16/2024 – Shopify had its price target raised by analysts at Loop Capital from $68.00 to $80.00. They now have a “hold” rating on the stock.
• 8/9/2024 – Shopify was downgraded by analysts at DZ Bank AG from a “hold” rating to a “sell” rating.
• 8/8/2024 – Shopify was upgraded by analysts at Argus to a “strong-buy” rating.
• 8/8/2024 – Shopify had its price target raised by analysts at Wells Fargo & Company from $75.00 to $80.00. They now have an “overweight” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Morgan Stanley from $80.00 to $85.00. They now have an “overweight” rating on the stock.
• 8/8/2024 – Shopify had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $85.00 price target on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Evercore ISI from $75.00 to $80.00. They now have an “outperform” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at UBS Group AG from $71.00 to $75.00. They now have a “neutral” rating on the stock.
• 8/8/2024 – Shopify had its “market outperform” rating reaffirmed by analysts at JMP Securities. They now have a $80.00 price target on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Barclays PLC from $63.00 to $65.00. They now have an “equal weight” rating on the stock.
• 8/8/2024 – Shopify had its price target lowered by analysts at Citigroup Inc. from $97.00 to $90.00. They now have a “buy” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $80.00 to $85.00. They now have a “buy” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Roth Mkm from $77.00 to $79.00. They now have a “buy” rating on the stock.
• 8/8/2024 – Shopify had its price target raised by analysts at Evercore Inc. from $75.00 to $80.00.
• 8/7/2024 – Shopify had its “neutral” rating reaffirmed by analysts at Wedbush. They now have a $72.00 price target on the stock, up previously from $68.00.
• 8/6/2024 – Shopify had its price target lowered by analysts at Truist Financial Co. from $65.00 to $55.00. They now have a “hold” rating on the stock.
• 8/6/2024 – Shopify had its “hold” rating reaffirmed by analysts at Benchmark Co..
• 7/25/2024 – Shopify is now covered by analysts at KeyCorp. They set an “overweight” rating and a $80.00 price target on the stock.
• 7/24/2024 – Shopify had its price target raised by analysts at Piper Sandler from $63.00 to $67.00. They now have a “neutral” rating on the stock.

Shopify Stock Up 1.6 %

NYSE SHOP opened at $72.45 on Monday. The business has a fifty day moving average price of $67.38 and a two-hundred day moving average price of $68.30. The stock has a market capitalization of $93.36 billion, a PE ratio of -426.18, a PEG ratio of 2.39 and a beta of 2.35. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the prior year, the company earned ($0.08) EPS. Shopify’s revenue for the quarter was up 20.7% on a year-over-year basis. Equities analysts expect that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of hedge funds have recently made changes to their positions in the stock. Tradition Wealth Management LLC increased its holdings in Shopify by 7.5% in the 4th quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock worth $156,000 after purchasing an additional 140 shares in the last quarter. Willis Johnson & Associates Inc. grew its holdings in shares of Shopify by 5.8% during the first quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock worth $211,000 after purchasing an additional 149 shares during the last quarter. Nations Financial Group Inc. IA ADV increased its stake in shares of Shopify by 3.2% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 4,839 shares of the software maker’s stock valued at $377,000 after buying an additional 150 shares during the period. Valley National Advisers Inc. raised its holdings in Shopify by 11.4% in the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock valued at $114,000 after buying an additional 152 shares during the last quarter. Finally, Checchi Capital Advisers LLC boosted its position in Shopify by 4.0% during the 1st quarter. Checchi Capital Advisers LLC now owns 4,178 shares of the software maker’s stock worth $322,000 after buying an additional 162 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.