Shopify (NYSE:SHOP) Price Target Raised to $87.00 at Robert W. Baird

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lifted by Robert W. Baird from $85.00 to $87.00 in a research report sent to investors on Wednesday, Benzinga reports. Robert W. Baird currently has an outperform rating on the software maker’s stock.

Several other research analysts have also issued reports on SHOP. National Bankshares increased their price objective on Shopify from $80.00 to $100.00 and gave the stock an outperform rating in a research note on Friday, January 26th. Canaccord Genuity Group lifted their price target on shares of Shopify from $70.00 to $86.00 and gave the company a buy rating in a report on Wednesday, December 6th. UBS Group upped their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock a neutral rating in a research note on Wednesday, February 14th. Piper Sandler lifted their target price on shares of Shopify from $56.00 to $63.00 and gave the company an underweight rating in a research note on Wednesday, February 14th. Finally, The Goldman Sachs Group boosted their target price on Shopify from $67.00 to $75.00 and gave the stock a neutral rating in a report on Thursday, February 29th. Three research analysts have rated the stock with a sell rating, twenty have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $77.38.

Shopify Trading Down 3.2 %

Shares of SHOP stock opened at $75.65 on Wednesday. The firm has a fifty day moving average of $79.16 and a 200-day moving average of $70.50. The stock has a market cap of $97.33 billion, a price-to-earnings ratio of 840.65 and a beta of 2.22. Shopify has a 52-week low of $43.50 and a 52-week high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. On average, equities research analysts forecast that Shopify will post 0.57 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Several hedge funds have recently added to or reduced their stakes in the business. Fairfield Bush & CO. bought a new position in shares of Shopify during the 1st quarter valued at about $169,000. Raymond James Trust N.A. lifted its stake in Shopify by 26.5% in the first quarter. Raymond James Trust N.A. now owns 754 shares of the software maker’s stock valued at $510,000 after buying an additional 158 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Shopify by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 30,166 shares of the software maker’s stock valued at $20,391,000 after buying an additional 592 shares during the period. Cetera Investment Advisers increased its position in shares of Shopify by 13.0% during the first quarter. Cetera Investment Advisers now owns 4,596 shares of the software maker’s stock worth $3,107,000 after acquiring an additional 527 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its holdings in shares of Shopify by 89.6% during the first quarter. Sequoia Financial Advisors LLC now owns 436 shares of the software maker’s stock worth $295,000 after acquiring an additional 206 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.