Shopify (NYSE:SHOP) Given New $106.00 Price Target at Morgan Stanley

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price cut by investment analysts at Morgan Stanley from $144.00 to $106.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. Morgan Stanley’s price target would indicate a potential upside of 28.42% from the company’s current price.

A number of other analysts also recently issued reports on the stock. Piper Sandler increased their price target on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Wells Fargo & Company raised their target price on Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. TD Securities increased their price target on Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. Truist Financial upped their target price on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, February 12th. Finally, Citigroup lifted their price target on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $121.94.

Shopify Price Performance

NYSE:SHOP traded down $1.37 during mid-day trading on Wednesday, hitting $82.54. The company’s stock had a trading volume of 5,359,179 shares, compared to its average volume of 10,131,647. The business’s fifty day moving average is $102.66 and its two-hundred day moving average is $101.52. The stock has a market cap of $106.87 billion, a price-to-earnings ratio of 53.25, a PEG ratio of 4.82 and a beta of 2.82. Shopify has a 1 year low of $48.56 and a 1 year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 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%. Analysts anticipate that Shopify will post 1.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SHOP. Capital World Investors boosted its holdings in Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock valued at $5,646,455,000 after acquiring an additional 496,982 shares during the period. Vanguard Group Inc. grew its holdings in shares of Shopify by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after purchasing an additional 781,162 shares in the last quarter. FMR LLC lifted its holdings in Shopify by 3.4% during the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock worth $4,653,054,000 after buying an additional 1,426,000 shares in the last quarter. Capital International Investors boosted its position in Shopify by 2.7% in the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock valued at $3,883,039,000 after buying an additional 968,026 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after acquiring an additional 7,316,862 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other 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.