The Goldman Sachs Group Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price boosted by The Goldman Sachs Group from $135.00 to $150.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 24.53% from the stock’s previous close.

Several other research firms have also recently commented on SHOP. Oppenheimer upped their price target on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research note on Wednesday. Canaccord Genuity Group lifted their target price on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday. DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Mizuho raised their price objective on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Finally, Moffett Nathanson increased their target price on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average price target of $111.37.

Shopify Stock Performance

SHOP stock traded down $3.14 on Wednesday, hitting $120.46. The company’s stock had a trading volume of 6,059,520 shares, compared to its average volume of 7,634,922. 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 stock has a market cap of $155.64 billion, a price-to-earnings ratio of 112.58, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. Shopify has a 1 year low of $48.56 and a 1 year high of $125.95. The firm has a 50 day moving average of $111.29 and a two-hundred day moving average of $91.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. Equities analysts predict that Shopify will post 0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. PFG Private Wealth Management LLC boosted its position in Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after acquiring an additional 256 shares during the period. Mark Sheptoff Financial Planning LLC raised its position in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after buying an additional 100 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Shopify in the 3rd quarter worth approximately $33,000. Rosenberg Matthew Hamilton lifted its stake in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the period. Finally, New Wave Wealth Advisors LLC acquired a new position in shares of Shopify during the fourth quarter valued at approximately $39,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.