Wells Fargo & Company Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by Wells Fargo & Company from $120.00 to $135.00 in a research note published on Wednesday,BayStreet.CA reports. Wells Fargo & Company currently has an overweight rating on the software maker’s stock.

Several other equities research analysts also recently weighed in on SHOP. Mizuho raised their price target 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. Barclays boosted their target price on shares of Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday. TD Securities upped their price target on Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a research report on Wednesday. Wedbush restated an “outperform” rating and set a $125.00 target price on shares of Shopify in a research note on Tuesday. Finally, KeyCorp upped their price target on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $125.14.

Shopify Price Performance

Shares of Shopify stock opened at $120.46 on Wednesday. The firm has a market capitalization of $155.65 billion, a PE ratio of 112.58, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify has a 12 month low of $48.56 and a 12 month high of $125.95. The business’s 50-day moving average price is $111.29 and its 200-day moving average price is $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 for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. Sell-side analysts forecast that Shopify will post 0.91 EPS for the current fiscal year.

Institutional Trading of Shopify

Several institutional investors have recently added to or reduced their stakes in SHOP. Prudential PLC boosted its holdings in Shopify by 16.1% in the fourth quarter. Prudential PLC now owns 201,894 shares of the software maker’s stock worth $21,461,000 after purchasing an additional 28,026 shares during the period. Resolute Advisors LLC lifted its holdings in Shopify by 1.9% in the fourth quarter. Resolute Advisors LLC now owns 43,150 shares of the software maker’s stock worth $4,588,000 after acquiring an additional 820 shares during the last quarter. Uniting Wealth Partners LLC acquired a new position in Shopify in the fourth quarter valued at approximately $319,000. Grant Private Wealth Management Inc bought a new position in shares of Shopify during the fourth quarter valued at approximately $1,116,000. Finally, Spahn Wealth & Retirement LLC acquired a new stake in Shopify in the fourth quarter worth $746,000. 69.27% of the stock is 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.