Shopify (NYSE:SHOP) Price Target Raised to $110.00 at Truist Financial

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price raised by Truist Financial from $65.00 to $110.00 in a research note released on Wednesday,Benzinga reports. The brokerage currently has a hold rating on the software maker’s stock.

Several other research firms also recently weighed in on SHOP. Mizuho boosted their target price on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday. Roth Mkm boosted their price objective on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Benchmark restated a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Oppenheimer lifted their target price on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Argus raised shares of Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $94.95.

Shopify Stock Up 5.7 %

SHOP stock opened at $115.13 on Wednesday. The stock has a market cap of $148.56 billion, a P/E ratio of 107.60, a PEG ratio of 3.64 and a beta of 2.36. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify has a twelve month low of $48.56 and a twelve month high of $115.62. The company’s 50 day moving average is $79.47 and its two-hundred day moving average is $70.18.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, topping the consensus estimate of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.94%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. Research analysts expect that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Trading of Shopify

A number of large investors have recently made changes to their positions in SHOP. Oliver Lagore Vanvalin Investment Group boosted its holdings in shares of Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the last quarter. Cultivar Capital Inc. acquired a new stake in Shopify in the 2nd quarter worth about $33,000. Hazlett Burt & Watson Inc. acquired a new stake in Shopify in the 2nd quarter worth about $33,000. Brooklyn Investment Group acquired a new position in shares of Shopify during the 3rd quarter valued at about $33,000. Finally, Rosenberg Matthew Hamilton increased its stake in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

About Shopify

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.