Shopify (NASDAQ:SHOP) Downgraded by Phillip Securities to Moderate Buy

Phillip Securities cut shares of Shopify (NASDAQ:SHOP) (TSE:SHOP) from a strong-buy rating to a moderate buy rating in a report released on Monday morning,Zacks.com reports.

Other analysts also recently issued reports about the stock. Wedbush boosted their target price on shares of Shopify from $155.00 to $176.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Piper Sandler reissued an “overweight” rating and set a $150.00 target price (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Rothschild & Co Redburn set a $130.00 price target on Shopify and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. Susquehanna assumed coverage on Shopify in a research note on Friday, July 10th. They set a “neutral” rating for the company. Finally, Evercore reissued an “outperform” rating and set a $175.00 price objective (up from $135.00) on shares of Shopify in a report on Wednesday, August 5th. Thirty-five analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $170.72.

Shopify Trading Down 3.7%

NASDAQ SHOP opened at $148.65 on Monday. The firm’s 50 day moving average price is $123.73 and its two-hundred day moving average price is $120.17. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35. Shopify has a twelve month low of $94.00 and a twelve month high of $182.19. The stock has a market cap of $191.26 billion, a price-to-earnings ratio of 100.44, a PEG ratio of 3.15 and a beta of 2.58.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. Shopify had a return on equity of 12.58% and a net margin of 14.53%.The firm had revenue of $3.58 billion during the quarter. During the same period in the prior year, the company posted $0.69 earnings per share. The firm’s revenue was up 33.7% on a year-over-year basis. Equities analysts anticipate that Shopify will post 1.45 EPS for the current year.

Institutional Trading of Shopify

A number of hedge funds have recently bought and sold shares of SHOP. Dearborn Partners LLC bought a new stake in shares of Shopify in the second quarter valued at about $320,000. Public Employees Retirement System of Ohio bought a new stake in shares of Shopify during the second quarter valued at approximately $12,041,000. Ancora Advisors LLC acquired a new stake in Shopify during the second quarter worth $1,457,000. Ninepoint Partners LP bought a new stake in Shopify in the 2nd quarter valued at $29,027,000. Finally, Monetta Financial Services Inc. acquired a new position in shares of Shopify in the 2nd quarter valued at $1,644,000. 69.27% of the stock is owned by institutional investors.

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.