Truist Financial Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by equities research analysts at Truist Financial from $110.00 to $120.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the software maker’s stock. Truist Financial’s price objective would suggest a potential downside of 1.50% from the company’s previous close.

Several other equities analysts have also issued reports on the company. KeyCorp lifted their target price on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Canaccord Genuity Group boosted their price target on Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday. Moffett Nathanson boosted their price target on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Robert W. Baird boosted their price target on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. boosted their price target on Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $113.51.

Shopify Price Performance

Shares of NYSE:SHOP traded down $1.77 during midday trading on Wednesday, reaching $121.82. 7,583,538 shares of the company were exchanged, compared to its average volume of 7,696,904. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The business’s fifty day moving average is $111.29 and its two-hundred day moving average is $91.82. Shopify has a one year low of $48.56 and a one year high of $125.95. The stock has a market cap of $157.41 billion, a PE ratio of 113.75, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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 net margin of 16.84% and a return on equity of 11.60%. As a group, analysts predict that Shopify will post 0.91 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allianz SE acquired a new position in shares of Shopify during the fourth quarter worth about $27,000. PFG Private Wealth Management LLC raised its stake 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 buying an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC raised its stake in Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after buying an additional 100 shares in the last quarter. Brooklyn Investment Group acquired a new stake in Shopify during the third quarter valued at approximately $33,000. Finally, Rosenberg Matthew Hamilton raised its stake in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.