ATB Capital Increases Shopify (NYSE:SHOP) Price Target to $170.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective raised by investment analysts at ATB Capital from $145.00 to $170.00 in a report released on Wednesday,BayStreet.CA reports. The firm presently has a “sector perform” rating on the software maker’s stock. ATB Capital’s price objective would suggest a potential upside of 39.06% from the stock’s previous close.

Several other equities analysts have also issued reports on SHOP. Wedbush restated an “outperform” rating and issued a $125.00 target price on shares of Shopify in a report on Tuesday. Canaccord Genuity Group lifted their price target on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday. Citigroup lifted their price target on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday. TD Securities lifted their price target on shares of Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Piper Sandler lifted their price target on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research note on Wednesday. One research 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 assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $125.14.

Shopify Trading Down 1.1 %

SHOP stock traded down $1.34 during midday trading on Wednesday, hitting $122.25. The stock had a trading volume of 8,897,011 shares, compared to its average volume of 7,737,990. The firm has a market cap of $157.96 billion, a P/E ratio of 114.25, 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 1-year low of $48.56 and a 1-year high of $125.95. The business has a fifty day moving average price of $111.29 and a two-hundred day moving average price of $91.82.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC purchased a new position in Shopify in the fourth quarter valued at about $132,323,000. Swiss National Bank lifted its stake in shares of Shopify by 0.9% during the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after buying an additional 33,300 shares in the last quarter. Watts Gwilliam & Co. LLC lifted its stake in shares of Shopify by 53.0% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after buying an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after buying an additional 77,500 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in shares of Shopify by 26.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after buying an additional 7,027 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.