Shopify (NYSE:SHOP) Price Target Raised to $67.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by equities researchers at Piper Sandler from $63.00 to $67.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. Piper Sandler’s target price indicates a potential upside of 12.74% from the company’s current price.

A number of other research analysts have also weighed in on SHOP. DA Davidson decreased their target price on Shopify from $90.00 to $84.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Morgan Stanley raised shares of Shopify from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $74.00 to $85.00 in a research report on Friday, April 19th. JMP Securities raised shares of Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research report on Thursday, May 9th. Scotiabank reduced their target price on shares of Shopify from $80.00 to $75.00 and set a “sector perform” rating for the company in a report on Thursday, May 9th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Shopify from $95.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $77.62.

Shopify Stock Performance

NYSE SHOP opened at $59.43 on Wednesday. The firm’s fifty day moving average price is $62.99 and its two-hundred day moving average price is $71.50. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57. The firm has a market capitalization of $76.59 billion, a P/E ratio of -349.59, a price-to-earnings-growth ratio of 3.64 and a beta of 2.30. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.84 billion. As a group, research analysts anticipate that Shopify will post 0.62 EPS for the current year.

Hedge Funds Weigh In On Shopify

Several large investors have recently modified their holdings of the business. Norden Group LLC bought a new position in Shopify during the 1st quarter worth $3,618,000. StoneCrest Wealth Management Inc. acquired a new position in shares of Shopify in the fourth quarter worth approximately $1,164,000. FIL Ltd boosted its holdings in Shopify by 1.8% in the fourth quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock valued at $1,035,688,000 after acquiring an additional 238,596 shares during the last quarter. Asset Management One Co. Ltd. increased its position in Shopify by 4,007.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after purchasing an additional 34,624 shares during the period. Finally, Wealthcare Advisory Partners LLC raised its holdings in Shopify by 5.3% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 4,340 shares of the software maker’s stock worth $335,000 after purchasing an additional 219 shares during the last quarter. Institutional investors 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.