Shopify (NYSE:SHOP) Price Target Raised to $125.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target raised by Canaccord Genuity Group from $80.00 to $125.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a buy rating on the software maker’s stock.

Other analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft boosted their price objective on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Robert W. Baird increased their target price on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday. Oppenheimer boosted their price target on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday. JPMorgan Chase & Co. upped their price target on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Finally, Mizuho lifted their price objective on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and an average target price of $94.95.

Shopify Trading Down 0.6 %

Shares of SHOP stock opened at $108.48 on Wednesday. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify has a 1 year low of $48.56 and a 1 year high of $115.62. The firm’s fifty day simple moving average is $81.97 and its 200 day simple moving average is $71.02. The firm has a market capitalization of $139.98 billion, a P/E ratio of 101.38, a price-to-earnings-growth ratio of 3.71 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.60%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. As a group, sell-side analysts predict that Shopify will post 0.76 EPS for the current year.

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently made changes to their positions in the company. Baillie Gifford & Co. raised its stake in Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the period. Capital World Investors increased its holdings in shares of Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares during the period. FMR LLC lifted its holdings in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after purchasing an additional 5,982,434 shares during the period. 69.27% of the stock is owned by 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.