Shopify Inc. (NASDAQ:SHOP) Receives $168.69 Consensus Price Target from Analysts

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) have earned an average recommendation of “Hold” from the forty-five analysts that are currently covering the firm, MarketBeat Ratings reports. Twenty-three analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $168.6944.

SHOP has been the topic of several research analyst reports. JPMorgan Chase & Co. increased their price target on shares of Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. TD Securities upgraded Shopify to a “hold” rating in a research note on Thursday, December 4th. BNP Paribas started coverage on Shopify in a research note on Monday, November 24th. They issued a “neutral” rating for the company. CIBC reaffirmed an “outperform” rating on shares of Shopify in a report on Wednesday, November 5th. Finally, Zacks Research downgraded Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th.

Shopify Price Performance

Shares of SHOP stock opened at $163.74 on Wednesday. Shopify has a one year low of $69.84 and a one year high of $182.19. The stock has a market cap of $213.16 billion, a P/E ratio of 121.29, a P/E/G ratio of 6.23 and a beta of 2.82. The company has a fifty day moving average price of $161.40 and a two-hundred day moving average price of $145.03.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. The firm had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. As a group, equities research analysts anticipate that Shopify will post 1.12 EPS for the current fiscal year.

Institutional Trading of Shopify

A number of institutional investors have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Shopify in the second quarter valued at approximately $1,794,952,000. Jennison Associates LLC raised its holdings in Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after acquiring an additional 7,403,821 shares in the last quarter. Brown Advisory Inc. lifted its position in shares of Shopify by 5,193.6% during the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock valued at $238,419,000 after acquiring an additional 2,027,839 shares during the period. Geode Capital Management LLC lifted its position in shares of Shopify by 19.9% during the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after acquiring an additional 1,781,530 shares during the period. Finally, Picton Mahoney Asset Management grew its holdings in shares of Shopify by 246,359.0% during the 2nd quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after purchasing an additional 1,759,003 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.