Shopify (NYSE:SHOP) Rating Reiterated by Cantor Fitzgerald

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “neutral” rating reaffirmed by analysts at Cantor Fitzgerald in a report issued on Monday, Benzinga reports. They presently have a $70.00 price objective on the software maker’s stock. Cantor Fitzgerald’s target price would indicate a potential downside of 10.79% from the company’s previous close.

Several other research firms also recently weighed in on SHOP. Piper Sandler reiterated a “neutral” rating and issued a $67.00 target price on shares of Shopify in a research note on Thursday, August 29th. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Loop Capital raised their price target on Shopify from $68.00 to $80.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Finally, Moffett Nathanson cut Shopify from a “buy” rating to a “neutral” rating and reduced their price target for the company from $74.00 to $65.00 in a research report on Thursday, June 6th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $78.38.

Shopify Stock Down 2.1 %

Shopify stock opened at $78.47 on Monday. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $101.12 billion, a P/E ratio of -461.59, a P/E/G ratio of 2.65 and a beta of 2.35. The firm has a 50 day moving average price of $70.57 and a 200-day moving average price of $68.49. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business’s revenue was up 20.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.08) earnings per share. As a group, equities analysts predict that Shopify will post 0.76 EPS for the current year.

Institutional Investors Weigh In On Shopify

A number of hedge funds and other institutional investors have recently modified their holdings of SHOP. Jones Financial Companies Lllp bought a new stake in Shopify during the 4th quarter valued at $28,000. Oliver Lagore Vanvalin Investment Group raised its stake in shares of Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares during the last quarter. OLD Point Trust & Financial Services N A bought a new position in shares of Shopify during the fourth quarter valued at about $39,000. Cultivar Capital Inc. purchased a new stake in shares of Shopify during the second quarter worth about $33,000. Finally, Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify in the second quarter worth about $33,000. Institutional investors own 69.27% of the company’s stock.

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.