JMP Securities Raises Shopify (NYSE:SHOP) Price Target to $120.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lifted by equities research analysts at JMP Securities from $80.00 to $120.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “market outperform” rating on the software maker’s stock. JMP Securities’ price target indicates a potential upside of 6.62% from the stock’s current price.

A number of other analysts also recently commented on SHOP. Scotiabank boosted their target price on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. Wells Fargo & Company boosted their target price on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday. Roth Mkm boosted their target price on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. UBS Group boosted their target price on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Finally, Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Shopify has an average rating of “Moderate Buy” and an average price target of $94.95.

Shopify Price Performance

Shares of NYSE:SHOP traded up $3.63 during trading on Wednesday, reaching $112.55. The company had a trading volume of 11,302,036 shares, compared to its average volume of 9,296,401. The firm’s fifty day moving average is $79.47 and its 200 day moving average is $70.18. The firm has a market capitalization of $145.23 billion, a PE ratio of 105.60, a price-to-earnings-growth ratio of 3.64 and a beta of 2.36. Shopify has a twelve month low of $48.56 and a twelve month high of $114.51. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.11 billion. Shopify had a net margin of 16.84% and a return on equity of 11.94%. On average, equities analysts forecast that Shopify will post 0.76 EPS for the current year.

Hedge Funds Weigh In On Shopify

Hedge funds have recently made changes to their positions in the business. Oliver Lagore Vanvalin Investment Group raised its stake in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in shares of Shopify during the 2nd quarter worth about $33,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of Shopify during the 2nd quarter worth about $33,000. Brooklyn Investment Group acquired a new stake in shares of Shopify during the 3rd quarter worth about $33,000. Finally, Rosenberg Matthew Hamilton increased its position in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.