Shopify (NYSE:SHOP) Cut to Moderate Buy at Phillip Securities

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

Other equities analysts have also issued reports about the company. TD Securities increased their price objective on Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, February 12th. Morgan Stanley lifted their price target on shares of Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Mizuho upped their price objective on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Wedbush reaffirmed an “outperform” rating and set a $125.00 target price on shares of Shopify in a report on Tuesday, February 11th. Finally, Truist Financial boosted their price target on shares of Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Price Performance

Shares of Shopify stock opened at $127.60 on Monday. Shopify has a 1 year low of $48.56 and a 1 year high of $129.38. The firm has a market cap of $164.87 billion, a PE ratio of 82.32, a PEG ratio of 5.06 and a beta of 2.47. The company has a 50 day simple moving average of $112.68 and a two-hundred day simple moving average of $94.46.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, research analysts anticipate that Shopify will post 1.11 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Hedge funds have recently added to or reduced their stakes in the stock. Allianz SE bought a new stake in shares of Shopify during the 4th quarter valued at about $27,000. PFG Private Wealth Management LLC increased its holdings in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after purchasing an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC bought a new stake in Shopify in the 4th quarter worth approximately $30,000. Mark Sheptoff Financial Planning LLC increased its stake in Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares during the last quarter. Finally, New Wave Wealth Advisors LLC bought a new stake in Shopify during the fourth quarter worth approximately $39,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.