Shopify Inc (US) (SHOP) Reaches New 1-Year High After Analyst Upgrade

Shopify Inc (US) (NYSE:SHOP) (TSE:SHOP)’s share price hit a new 52-week high during mid-day trading on Tuesday after Vetr upgraded the stock from a buy rating to a strong-buy rating. Vetr now has a $152.51 price target on the stock. Shopify Inc (US) traded as high as $143.42 and last traded at $144.29, with a volume of 1701108 shares trading hands. The stock had previously closed at $137.53.

A number of other brokerages have also recently commented on SHOP. National Bank Financial increased their price objective on shares of Shopify Inc (US) from $150.00 to $160.00 and gave the company an “outperform” rating in a research note on Friday, February 16th. Piper Jaffray Companies reissued a “buy” rating and issued a $110.00 price objective on shares of Shopify Inc (US) in a research note on Wednesday, November 1st. Royal Bank of Canada increased their price objective on shares of Shopify Inc (US) from $99.00 to $132.50 and gave the company a “sector perform” rating in a research note on Wednesday, November 1st. Oppenheimer reissued a “hold” rating on shares of Shopify Inc (US) in a research note on Tuesday, October 31st. Finally, Morgan Stanley increased their price objective on shares of Shopify Inc (US) from $120.00 to $140.00 and gave the company an “equal weight” rating in a research note on Friday, February 16th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Shopify Inc (US) currently has a consensus rating of “Buy” and an average price target of $119.93.

Several institutional investors have recently added to or reduced their stakes in SHOP. Balentine LLC acquired a new stake in shares of Shopify Inc (US) in the fourth quarter worth approximately $101,000. Advisory Services Network LLC boosted its position in shares of Shopify Inc (US) by 26.6% in the second quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock worth $123,000 after acquiring an additional 298 shares during the last quarter. Prime Capital Investment Advisors LLC acquired a new stake in shares of Shopify Inc (US) in the fourth quarter worth approximately $152,000. US Bancorp DE boosted its position in shares of Shopify Inc (US) by 63.8% in the fourth quarter. US Bancorp DE now owns 1,889 shares of the software maker’s stock worth $191,000 after acquiring an additional 736 shares during the last quarter. Finally, Sterling Investment Advisors Ltd. acquired a new stake in shares of Shopify Inc (US) in the fourth quarter worth approximately $202,000. 60.34% of the stock is currently owned by institutional investors.

The company has a debt-to-equity ratio of 0.01, a current ratio of 10.82 and a quick ratio of 10.83. The company has a market cap of $13,190.00 and a PE ratio of -316.43.

Shopify Inc (US) (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Thursday, February 15th. The software maker reported ($0.03) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.09. Shopify Inc (US) had a negative net margin of 5.94% and a negative return on equity of 4.74%. The business had revenue of $222.80 million for the quarter, compared to analysts’ expectations of $209.70 million. Shopify Inc (US)’s quarterly revenue was up 70.9% compared to the same quarter last year. research analysts forecast that Shopify Inc will post -0.44 EPS for the current fiscal year.

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About Shopify Inc (US)

Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.

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