Evercore ISI Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by Evercore ISI from $125.00 to $140.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the software maker’s stock.

A number of other brokerages also recently issued reports on SHOP. Robert W. Baird lifted their price target on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price for the company in a research note on Monday, February 10th. New Street Research started coverage on Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target on the stock. Scotiabank upped their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. Finally, Oppenheimer raised their target price on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $126.21.

Shopify Stock Performance

NYSE:SHOP opened at $128.36 on Wednesday. Shopify has a 52 week low of $48.56 and a 52 week high of $128.57. The company has a fifty day simple moving average of $111.70 and a two-hundred day simple moving average of $92.27. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a market cap of $165.85 billion, a price-to-earnings ratio of 119.96, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued 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 return on equity of 11.60% and a net margin of 16.84%. As a group, equities analysts anticipate 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 and other institutional investors have recently bought and sold shares of SHOP. Allianz SE purchased a new position in shares of Shopify in the 4th quarter valued at about $27,000. PFG Private Wealth Management LLC increased its holdings in Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after buying an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC lifted its position in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after acquiring an additional 100 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Shopify during the 3rd quarter worth approximately $33,000. Finally, Rosenberg Matthew Hamilton grew its holdings in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the period. 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.