Truist Financial Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target raised by Truist Financial from $110.00 to $120.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the software maker’s stock. Truist Financial’s target price indicates a potential downside of 1.50% from the company’s current price.

Other research analysts also recently issued research reports about the company. JMP Securities reaffirmed a “market outperform” rating and set a $120.00 price objective on shares of Shopify in a report on Thursday, December 12th. Oppenheimer upped their price objective on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday. JPMorgan Chase & Co. increased their price target on Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a research note on Wednesday. Citigroup raised their price objective on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $113.51.

Shopify Stock Down 1.4 %

NYSE SHOP traded down $1.77 during trading on Wednesday, hitting $121.82. 7,583,538 shares of the company traded hands, compared to its average volume of 7,696,904. Shopify has a 12 month low of $48.56 and a 12 month high of $125.95. The business has a fifty day simple moving average of $111.29 and a 200 day simple moving average of $91.82. 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 company has a market capitalization of $157.41 billion, a P/E ratio of 113.75, a PEG ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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%. As a group, sell-side analysts predict that Shopify will post 0.91 EPS for the current year.

Institutional Trading of Shopify

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. boosted its stake in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Shopify by 1.7% during the 4th 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 boosted its stake in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after purchasing an additional 7,316,862 shares in the last quarter. Finally, Norges Bank purchased a new position in Shopify during the 4th quarter valued at about $1,542,262,000. Hedge funds and other institutional investors 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.