Shopify (SHOP) Lifted to Hold at Zacks Investment Research

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “Shopify is a provider of a multi-tenant, cloud-based, multi-channel commerce platform for small and medium-sized businesses (SMBs). The company has positive record of earnings surprises in recent quarters. Shopify has outperformed the industry in the past year. Moreover, the company is benefiting from retail’s rapid transition to mobile and social sales channels. The company continues to launch a number of merchant-friendly applications to meet the requirements of a dynamic retail environment, thereby adding to its merchant base. However, increasing investments on product development, infrastructure and platform continued to drag down bottom-line growth. Further, lack of significant presence in the Asia-Pacific market, which is the fastest growing retail eCommerce market is a headwind for Shopify.”

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Several other brokerages have also issued reports on SHOP. Vetr lowered Shopify from a “buy” rating to a “hold” rating and set a $159.15 target price for the company. in a research report on Tuesday, March 20th. KeyCorp boosted their price target on Shopify from $150.00 to $170.00 and gave the company an “overweight” rating in a report on Thursday, March 22nd. William Blair reiterated a “market perform” rating on shares of Shopify in a report on Thursday, February 15th. DA Davidson boosted their price target on Shopify to $120.00 and gave the company a “neutral” rating in a report on Tuesday, February 20th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $155.00 price target (up previously from $115.00) on shares of Shopify in a report on Friday, February 16th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $124.63.

Shares of NYSE:SHOP traded up $6.98 during trading hours on Tuesday, hitting $123.92. 1,370,227 shares of the company’s stock traded hands, compared to its average volume of 1,799,165. Shopify has a 1 year low of $70.86 and a 1 year high of $154.82. The firm has a market capitalization of $11,736.55, a PE ratio of -295.05 and a beta of 1.30. The company has a debt-to-equity ratio of 0.01, a current ratio of 10.82 and a quick ratio of 10.83.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Thursday, February 15th. The software maker reported ($0.03) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.09. Shopify had a negative return on equity of 4.74% and a negative net margin of 5.94%. The business had revenue of $222.80 million during the quarter, compared to analyst estimates of $209.70 million. The business’s revenue for the quarter was up 70.9% compared to the same quarter last year. equities research analysts expect that Shopify will post -0.8 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of SHOP. Balentine LLC acquired a new position in shares of Shopify during the fourth quarter worth $101,000. Prime Capital Investment Advisors LLC acquired a new position in shares of Shopify during the fourth quarter worth $152,000. US Bancorp DE increased its position in shares of Shopify by 63.8% during the fourth quarter. US Bancorp DE now owns 1,889 shares of the software maker’s stock worth $191,000 after purchasing an additional 736 shares in the last quarter. Sterling Investment Advisors Ltd. acquired a new position in shares of Shopify during the fourth quarter worth $202,000. Finally, Wellington Shields Capital Management LLC acquired a new position in shares of Shopify during the fourth quarter worth $202,000. 56.00% of the stock is owned by institutional investors.

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Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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