DA Davidson Issues Pessimistic Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target trimmed by DA Davidson from $150.00 to $115.00 in a research note released on Monday,Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock. DA Davidson also issued estimates for Shopify’s FY2025 earnings at $1.02 EPS.

SHOP has been the topic of several other research reports. Phillip Securities cut Shopify from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, February 17th. CIBC lifted their price target on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. TD Securities increased their price objective on shares of Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. Piper Sandler boosted their price objective on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. Finally, Barclays increased their target price on Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $121.51.

Shopify Stock Performance

Shares of NYSE SHOP opened at $83.96 on Monday. Shopify has a 52-week low of $48.56 and a 52-week high of $129.38. The stock has a market cap of $108.71 billion, a P/E ratio of 54.17, a P/E/G ratio of 4.82 and a beta of 2.82. The firm has a 50 day moving average price of $101.99 and a 200 day moving average price of $101.40.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Analysts predict that Shopify will post 1.12 earnings per share for the current fiscal year.

Institutional Trading of Shopify

A number of hedge funds have recently modified their holdings of SHOP. Jennison Associates LLC bought a new position in Shopify in the 4th quarter valued at about $132,323,000. Watts Gwilliam & Co. LLC grew its position in shares of Shopify by 53.0% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after purchasing an additional 4,641 shares during the last quarter. Synovus Financial Corp bought a new position in shares of Shopify during the third quarter worth approximately $481,000. Western Financial Corp CA acquired a new stake in Shopify during the 4th quarter worth approximately $239,000. Finally, Kessler Investment Group LLC bought a new stake in Shopify in the 4th quarter valued at $6,105,000. Institutional investors and hedge funds 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.