Shopify (NYSE:SHOP) Upgraded to Outperform by BNP Paribas

BNP Paribas upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from an underperform rating to an outperform rating in a research note published on Thursday, Marketbeat.com reports.

A number of other research firms also recently commented on SHOP. UBS Group increased their target price on shares of Shopify from $75.00 to $80.00 and gave the company a neutral rating in a research report on Wednesday, February 14th. Jefferies Financial Group lifted their price target on Shopify from $65.00 to $80.00 and gave the stock a hold rating in a research report on Friday, January 5th. Wells Fargo & Company lowered their target price on shares of Shopify from $90.00 to $85.00 and set an overweight rating on the stock in a research report on Wednesday, February 14th. DA Davidson raised their price objective on shares of Shopify from $86.00 to $90.00 and gave the stock a buy rating in a research report on Wednesday, February 14th. Finally, Royal Bank of Canada reiterated an outperform rating and set a $100.00 target price on shares of Shopify in a research note on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $79.03.

Shopify Trading Up 3.4 %

Shares of NYSE SHOP traded up $2.46 during mid-day trading on Thursday, reaching $74.46. 7,346,442 shares of the company’s stock were exchanged, compared to its average volume of 7,882,916. The firm has a market capitalization of $95.80 billion, a price-to-earnings ratio of 827.54 and a beta of 2.20. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. The company’s 50-day moving average is $74.77 and its 200-day moving average is $73.00. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate 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 return on equity of 4.48% and a net margin of 1.87%. Analysts expect that Shopify will post 0.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several hedge funds and other institutional investors have recently made changes to their positions in SHOP. Baillie Gifford & Co. grew its stake in shares of Shopify by 2.3% in the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after purchasing an additional 1,419,749 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Shopify by 3.0% during the fourth quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock valued at $3,284,910,000 after acquiring an additional 1,242,067 shares during the period. Capital World Investors raised its holdings in Shopify by 28.7% during the fourth quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after purchasing an additional 8,789,411 shares in the last quarter. Capital International Investors lifted its position in Shopify by 9.7% in the fourth quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock worth $1,235,534,000 after purchasing an additional 1,399,562 shares during the period. Finally, Norges Bank bought a new position in Shopify during the fourth quarter valued at about $1,049,089,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.