Shopify (NYSE:SHOP) Price Target Raised to $80.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target upped by Scotiabank from $70.00 to $80.00 in a research report report published on Thursday, BayStreet.CA reports. Scotiabank currently has a sector perform rating on the software maker’s stock.

A number of other analysts also recently weighed in on the stock. StockNews.com raised shares of Shopify from a sell rating to a hold rating in a research report on Wednesday, April 24th. Piper Sandler restated an underweight rating and issued a $63.00 price objective on shares of Shopify in a report on Thursday, April 11th. Roth Capital lifted their target price on shares of Shopify from $85.00 to $89.00 and gave the company a buy rating in a report on Wednesday, February 14th. Wedbush restated a neutral rating and issued a $68.00 price target on shares of Shopify in a research note on Tuesday, February 13th. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a $100.00 price objective on shares of Shopify in a research report on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, Shopify presently has an average rating of Hold and an average price target of $79.03.

Shopify Price Performance

Shares of SHOP stock opened at $74.46 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The firm has a market cap of $95.80 billion, a P/E ratio of 827.43 and a beta of 2.20. The business’s 50 day moving average price is $74.73 and its 200-day moving average price is $73.14. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. On average, equities research analysts anticipate that Shopify will post 0.59 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Private Wealth Management Group LLC bought a new position in Shopify during the fourth quarter valued at $26,000. SJS Investment Consulting Inc. increased its holdings in shares of Shopify by 59.1% in the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after buying an additional 130 shares during the last quarter. DSM Capital Partners LLC purchased a new stake in shares of Shopify during the 4th quarter valued at about $28,000. Jones Financial Companies Lllp bought a new position in shares of Shopify in the 4th quarter valued at about $28,000. Finally, Your Advocates Ltd. LLP grew its position in Shopify by 4,344.4% in the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock worth $31,000 after acquiring an additional 391 shares in the last quarter. 69.27% of the stock is 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.