Wells Fargo & Company Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target upped by analysts at Wells Fargo & Company from $90.00 to $120.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 10.01% from the company’s current price.

Several other research firms also recently commented on SHOP. Piper Sandler raised their price objective on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday. Argus upgraded Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Royal Bank of Canada increased their price objective on Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday. Oppenheimer lifted their target price on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Mizuho increased their price target on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $94.95.

Shopify Price Performance

Shopify stock opened at $109.08 on Wednesday. The business’s 50 day simple moving average is $80.36 and its 200 day simple moving average is $70.50. Shopify has a 12 month low of $48.56 and a 12 month high of $115.62. The company has a market cap of $140.76 billion, a price-to-earnings ratio of 101.94, a PEG ratio of 3.64 and a beta of 2.36. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.09. Shopify had a return on equity of 11.94% and a net margin of 16.84%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. Sell-side analysts forecast that Shopify will post 0.76 EPS for the current year.

Institutional Investors Weigh In On Shopify

A number of large investors have recently made changes to their positions in the business. Oliver Lagore Vanvalin Investment Group raised its holdings 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 in the last quarter. Brooklyn Investment Group bought a new position in Shopify in the 3rd quarter worth $33,000. Rosenberg Matthew Hamilton lifted its position in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the period. Cultivar Capital Inc. bought a new stake in shares of Shopify during the 2nd quarter valued at about $33,000. Finally, Hazlett Burt & Watson Inc. purchased a new position in shares of Shopify during the second quarter valued at about $33,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Company Profile

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.