Shopify (NYSE:SHOP) Given New $90.00 Price Target at Robert W. Baird

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target raised by Robert W. Baird from $79.00 to $90.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has an outperform rating on the software maker’s stock.

A number of other equities analysts also recently commented on the stock. JMP Securities reiterated a market outperform rating and issued a $80.00 target price on shares of Shopify in a report on Tuesday, September 10th. Argus raised shares of Shopify to a strong-buy rating in a research report on Thursday, August 8th. Wedbush reaffirmed a neutral rating and issued a $72.00 price target (up from $68.00) on shares of Shopify in a report on Wednesday, August 7th. Morgan Stanley increased their price objective on Shopify from $80.00 to $85.00 and gave the company an overweight rating in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. boosted their target price on Shopify from $74.00 to $76.00 and gave the stock an overweight rating in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $78.97.

Shopify Price Performance

Shares of SHOP opened at $83.24 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The company has a 50 day moving average price of $74.19 and a 200-day moving average price of $68.71. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The stock has a market capitalization of $107.27 billion, a PE ratio of -489.65, a PEG ratio of 2.79 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same quarter in the prior year, the business earned ($0.08) earnings per share. Shopify’s revenue was up 20.7% on a year-over-year basis. Equities analysts predict that Shopify will post 0.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Large investors have recently bought and sold shares of the business. Cresset Asset Management LLC increased its position in shares of Shopify by 1.4% in the fourth quarter. Cresset Asset Management LLC now owns 104,481 shares of the software maker’s stock valued at $8,139,000 after buying an additional 1,460 shares in the last quarter. MGO One Seven LLC lifted its holdings in Shopify by 55.4% during the fourth quarter. MGO One Seven LLC now owns 22,623 shares of the software maker’s stock valued at $1,762,000 after purchasing an additional 8,067 shares in the last quarter. Icon Wealth Advisors LLC acquired a new stake in shares of Shopify in the fourth quarter valued at about $644,000. Garner Asset Management Corp purchased a new stake in shares of Shopify during the fourth quarter worth about $429,000. Finally, LM Advisors LLC acquired a new position in shares of Shopify during the 4th quarter worth about $412,000. 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.