Shopify (NYSE:SHOP) Stock Price Expected to Rise, Truist Financial Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price raised by Truist Financial from $65.00 to $110.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a hold rating on the software maker’s stock.

Other research analysts have also issued reports about the stock. Oppenheimer raised their price target on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday. Loop Capital raised their target price on Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their price target on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Evercore raised their price objective on Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Finally, Evercore ISI raised their target price on shares of Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Price Performance

Shares of Shopify stock opened at $108.48 on Wednesday. The firm has a market cap of $139.98 billion, a PE ratio of 101.38, a P/E/G ratio of 3.71 and a beta of 2.36. The business has a 50-day moving average price of $81.97 and a 200 day moving average price of $71.02. The company has a quick ratio of 7.32, a current ratio of 7.10 and a debt-to-equity ratio of 0.10. Shopify has a twelve month low of $48.56 and a twelve month high of $115.62.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, topping the consensus estimate 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 11.60%. Sell-side analysts predict that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Baillie Gifford & Co. boosted its holdings in shares of Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying an additional 8,131,160 shares in the last quarter. Capital World Investors grew its position in Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after buying an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. raised its position in Shopify by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after buying an additional 713,064 shares during the last quarter. FMR LLC increased its stake in shares of Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after purchasing an additional 5,982,434 shares in the last quarter. Hedge funds and other institutional investors 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.