Phillip Securities Downgrades Shopify (NYSE:SHOP) to Moderate Buy

Shopify (NYSE:SHOP) (TSE:SHOP) was downgraded by Phillip Securities from a “strong-buy” rating to a “moderate buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. DA Davidson boosted their target price on Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Citigroup boosted their target price on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. Robert W. Baird boosted their price target on shares of Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $120.00 price objective on shares of Shopify in a report on Wednesday, February 12th. Finally, Piper Sandler upped their price target on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Trading Up 0.7 %

Shares of NYSE SHOP opened at $129.20 on Monday. The stock has a 50 day simple moving average of $112.48 and a 200-day simple moving average of $94.23. The company has a market cap of $166.94 billion, a PE ratio of 83.35, a P/E/G ratio of 5.06 and a beta of 2.47. Shopify has a 12-month low of $48.56 and a 12-month high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Sell-side analysts forecast that Shopify will post 1.11 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently modified their holdings of the business. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Shopify by 1.2% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,079 shares of the software maker’s stock valued at $1,289,000 after acquiring an additional 194 shares during the period. Blue Trust Inc. increased its holdings in Shopify by 96.1% in the 3rd quarter. Blue Trust Inc. now owns 5,468 shares of the software maker’s stock worth $438,000 after acquiring an additional 2,680 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Shopify by 14.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 189,827 shares of the software maker’s stock worth $15,213,000 after acquiring an additional 24,472 shares in the last quarter. Whittier Trust Co. increased its holdings in Shopify by 16.2% in the 3rd quarter. Whittier Trust Co. now owns 5,060 shares of the software maker’s stock worth $405,000 after acquiring an additional 704 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in Shopify by 37.9% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,317 shares of the software maker’s stock valued at $186,000 after buying an additional 637 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Company Profile

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.