Canaccord Genuity Group Increases Shopify (NYSE:SHOP) Price Target to $125.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by stock analysts at Canaccord Genuity Group from $80.00 to $125.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 14.59% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. Wolfe Research initiated coverage on shares of Shopify in a report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price objective for the company. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and increased their price objective for the company from $78.00 to $82.00 in a report on Tuesday, July 16th. Truist Financial dropped their target price on Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Evercore ISI increased their price target on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Finally, Morgan Stanley boosted their price objective on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Trading Down 5.2 %

Shares of NYSE:SHOP opened at $109.08 on Wednesday. The company has a quick ratio of 7.32, a current ratio of 7.10 and a debt-to-equity ratio of 0.10. The company’s 50-day moving average price is $80.36 and its 200 day moving average price is $70.50. The company has a market cap of $140.76 billion, a PE ratio of 101.94, a P/E/G ratio of 3.71 and a beta of 2.36. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $115.62.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.18 by $0.09. Shopify had a return on equity of 11.60% and a net margin of 16.84%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Sell-side analysts anticipate that Shopify will post 0.76 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Large investors have recently bought and sold shares of the business. Silvercrest Asset Management Group LLC lifted its position in shares of Shopify by 735.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after buying an additional 46,589 shares during the last quarter. Baker Avenue Asset Management LP lifted its holdings in Shopify by 10.9% in the 3rd quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock worth $17,390,000 after purchasing an additional 21,265 shares during the last quarter. Atria Investments Inc boosted its position in Shopify by 16.8% during the third quarter. Atria Investments Inc now owns 158,383 shares of the software maker’s stock worth $12,693,000 after purchasing an additional 22,832 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Shopify by 3.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock worth $15,079,000 after purchasing an additional 7,009 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its holdings in Shopify by 5.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after purchasing an additional 28,639 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

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.