Shopify (NYSE:SHOP) Given New $160.00 Price Target at CIBC

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target upped by equities research analysts at CIBC from $135.00 to $160.00 in a research note issued on Wednesday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the software maker’s stock. CIBC’s target price would suggest a potential upside of 30.88% from the company’s previous close.

A number of other brokerages have also recently commented on SHOP. Canaccord Genuity Group lifted their target price on Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday. The Goldman Sachs Group increased their price objective on Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday. Truist Financial raised their target price on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday. New Street Research started coverage on Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 target price on the stock. Finally, UBS Group raised their price objective on Shopify from $110.00 to $125.00 and gave the company a “neutral” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $125.14.

Shopify Stock Performance

Shares of NYSE SHOP traded down $1.34 during trading on Wednesday, hitting $122.25. The company had a trading volume of 8,897,011 shares, compared to its average volume of 7,737,990. The stock has a 50 day simple moving average of $111.29 and a 200 day simple moving average of $91.82. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. Shopify has a 12 month low of $48.56 and a 12 month high of $125.95. The firm has a market capitalization of $157.96 billion, a P/E ratio of 114.25, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. As a group, analysts anticipate that Shopify will post 0.91 earnings per share for the current year.

Institutional Trading of Shopify

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. raised its position 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 worth $5,078,176,000 after buying an additional 8,131,160 shares during the period. Vanguard Group Inc. increased its holdings in Shopify by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after purchasing an additional 781,162 shares in the last quarter. FMR LLC increased its holdings in Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Shopify by 79.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after purchasing an additional 7,316,862 shares in the last quarter. Finally, Norges Bank acquired a new stake in Shopify in the 4th quarter valued at $1,542,262,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.