Shopify (NYSE:SHOP) Given New $175.00 Price Target at Citigroup

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target increased by Citigroup from $143.00 to $175.00 in a research report released on Tuesday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

A number of other brokerages also recently weighed in on SHOP. Oppenheimer lifted their target price on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. New Street Research initiated coverage on Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective on the stock. The Goldman Sachs Group raised their target price on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Scotiabank boosted their price target on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Finally, Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and raised their price objective for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus target price of $103.80.

Shopify Stock Up 3.4 %

Shares of SHOP opened at $123.98 on Tuesday. The stock’s 50-day moving average price is $111.05 and its two-hundred day moving average price is $91.37. Shopify has a 12 month low of $48.56 and a 12 month high of $125.95. The company has a market capitalization of $160.19 billion, a PE ratio of 115.87, a PEG ratio of 2.49 and a beta of 2.47. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results 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 net margin of 16.84% and a return on equity of 11.60%. On average, analysts anticipate that Shopify will post 0.91 EPS for the current year.

Hedge Funds Weigh In On Shopify

Several institutional investors have recently added to or reduced their stakes in SHOP. PFG Private Wealth Management LLC lifted its holdings in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the last quarter. New Wave Wealth Advisors LLC purchased a new stake in shares of Shopify during the fourth quarter worth $39,000. Mather Group LLC. lifted its position in shares of Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after acquiring an additional 184 shares in the last quarter. Brooklyn Investment Group bought a new position in shares of Shopify in the third quarter worth $33,000. Finally, Sierra Ocean LLC purchased a new position in shares of Shopify in the fourth quarter valued at $46,000. 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.