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

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price boosted by CIBC from $135.00 to $160.00 in a research note released on Wednesday morning,BayStreet.CA reports. The firm currently has an outperform rating on the software maker’s stock.

Several other equities analysts also recently weighed in on SHOP. Moffett Nathanson raised their price target on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a report on Monday, February 10th. Robert W. Baird increased their price target on Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday. Truist Financial lifted their price objective on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Royal Bank of Canada upped their target price on Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus price target of $126.21.

Shopify Price Performance

NYSE:SHOP opened at $128.36 on Wednesday. The stock has a 50 day moving average of $111.70 and a two-hundred day moving average of $92.27. Shopify has a 12 month low of $48.56 and a 12 month high of $128.57. The firm has a market cap of $165.85 billion, a P/E ratio of 119.96, 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 (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. On average, analysts expect that Shopify will post 0.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of hedge funds have recently bought and sold shares of SHOP. GAMMA Investing LLC increased its stake in shares of Shopify by 73.5% during the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after buying an additional 253 shares during the period. CWM LLC increased its position in shares of Shopify by 14.9% in the 3rd quarter. CWM LLC now owns 14,097 shares of the software maker’s stock valued at $1,130,000 after purchasing an additional 1,832 shares during the last quarter. Creative Planning raised its holdings in shares of Shopify by 4.4% in the 3rd quarter. Creative Planning now owns 392,415 shares of the software maker’s stock valued at $31,448,000 after purchasing an additional 16,375 shares in the last quarter. NBC Securities Inc. lifted its position in shares of Shopify by 32.2% during the 3rd quarter. NBC Securities Inc. now owns 8,808 shares of the software maker’s stock worth $705,000 after purchasing an additional 2,146 shares during the last quarter. Finally, Prospect Financial Services LLC acquired a new position in shares of Shopify during the third quarter worth $288,000. Institutional investors and hedge funds 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.