Citigroup Boosts Shopify (NYSE:SHOP) Price Target to $96.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by Citigroup from $95.00 to $96.00 in a research note published on Wednesday, Marketbeat Ratings reports. They currently have a buy rating on the software maker’s stock.

Several other equities research analysts also recently weighed in on SHOP. Canaccord Genuity Group cut their target price on shares of Shopify from $90.00 to $80.00 and set a buy rating on the stock in a research note on Thursday, May 9th. Evercore upgraded shares of Shopify from an in-line rating to an outperform rating and set a $75.00 price target for the company in a research note on Friday, June 14th. Mizuho reduced their target price on shares of Shopify from $75.00 to $65.00 and set a neutral rating for the company in a research note on Thursday, May 9th. Loop Capital reduced their target price on shares of Shopify from $90.00 to $80.00 and set a hold rating for the company in a research note on Monday, April 15th. Finally, Piper Sandler upgraded shares of Shopify from an underweight rating to a neutral rating and set a $63.00 target price for the company in a research note on Thursday, May 9th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $76.42.

Shopify Stock Down 0.5 %

SHOP stock opened at $66.05 on Wednesday. The stock has a market capitalization of $85.12 billion, a P/E ratio of -388.53, a P/E/G ratio of 3.33 and a beta of 2.27. The firm has a 50-day simple moving average of $64.20 and a 200-day simple moving average of $73.01. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. Shopify has a 52 week low of $45.50 and a 52 week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.04. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. Equities analysts forecast that Shopify will post 0.61 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Wealth Management Partners LLC increased its holdings in shares of Shopify by 0.9% in the 4th quarter. Wealth Management Partners LLC now owns 13,922 shares of the software maker’s stock worth $1,085,000 after acquiring an additional 126 shares during the period. SJS Investment Consulting Inc. grew its position in Shopify by 59.1% in the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after buying an additional 130 shares in the last quarter. Tradition Wealth Management LLC boosted its position in shares of Shopify by 7.5% during the 4th quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after purchasing an additional 140 shares in the last quarter. Pachira Investments Inc. boosted its position in shares of Shopify by 2.1% during the 4th quarter. Pachira Investments Inc. now owns 7,084 shares of the software maker’s stock valued at $552,000 after purchasing an additional 146 shares in the last quarter. Finally, Baldwin Brothers LLC MA boosted its position in shares of Shopify by 49.0% during the 4th quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock valued at $35,000 after purchasing an additional 147 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

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.