Shopify Inc. (NYSE:SHOP) Receives $76.39 Consensus Price Target from Brokerages

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) has been given a consensus rating of “Moderate Buy” by the thirty-seven brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-one have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $76.42.

Several brokerages have recently commented on SHOP. Canaccord Genuity Group reduced their target price on Shopify from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Citigroup boosted their price target on Shopify from $95.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday. Robert W. Baird dropped their target price on shares of Shopify from $87.00 to $77.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. StockNews.com upgraded shares of Shopify from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. Finally, Loop Capital dropped their price target on Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Monday, April 15th.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Baillie Gifford & Co. raised its stake in shares of Shopify by 2.3% during the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after buying an additional 1,419,749 shares during the last quarter. Capital World Investors grew its stake in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after acquiring an additional 10,340,040 shares during the period. Vanguard Group Inc. raised its holdings in Shopify by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after buying an additional 713,064 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares in the last quarter. Finally, GQG Partners LLC boosted its position in Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after acquiring an additional 13,885,473 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

SHOP stock opened at $65.44 on Friday. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The company has a 50-day simple moving average of $64.41 and a 200 day simple moving average of $73.15. The company has a market capitalization of $84.33 billion, a P/E ratio of -384.94, a PEG ratio of 3.25 and a beta of 2.27.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, topping the consensus estimate of $0.08 by $0.04. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. Sell-side analysts predict that Shopify will post 0.61 earnings per share for the current fiscal year.

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.