Shopify (NYSE:SHOP) Given New $160.00 Price Target at CIBC

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lifted by research analysts at CIBC from $135.00 to $160.00 in a report issued on Wednesday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the software maker’s stock. CIBC’s target price would indicate a potential upside of 30.88% from the stock’s current price.

A number of other research analysts have also issued reports on SHOP. Scotiabank lifted their target price on Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a report on Wednesday. Canaccord Genuity Group lifted their target price on Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday. ATB Capital lifted their price target on Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and lifted their price target for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. Finally, New Street Research started coverage on Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $125.14.

Shopify Stock Performance

NYSE SHOP traded down $1.34 during trading hours on Wednesday, reaching $122.25. The company’s stock had a trading volume of 8,897,011 shares, compared to its average volume of 7,737,990. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The business has a 50-day simple moving average of $111.29 and a 200 day simple moving average of $91.82. Shopify has a 52 week low of $48.56 and a 52 week high of $125.95. The stock has a market cap of $157.96 billion, a PE ratio of 114.25, a PEG ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly 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 net margin of 16.84% and a return on equity of 11.60%. Equities research analysts predict that Shopify will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several hedge funds have recently added to or reduced their stakes in SHOP. Allianz SE acquired a new position in Shopify in the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC raised its position in shares of Shopify by 3,657.1% during 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 period. Mark Sheptoff Financial Planning LLC raised its position in shares of 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 purchasing an additional 100 shares during the period. Brooklyn Investment Group acquired a new stake in shares of Shopify during the third quarter worth about $33,000. Finally, Rosenberg Matthew Hamilton raised its position in shares of Shopify by 41.3% during the third 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. Institutional investors 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.