Shopify (NYSE:SHOP) Given New $120.00 Price Target at Scotiabank

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price raised by Scotiabank from $115.00 to $120.00 in a research note published on Wednesday morning, Marketbeat.com reports. The brokerage currently has a sector perform rating on the software maker’s stock.

Several other equities analysts have also issued reports on the stock. Wells Fargo & Company boosted their price target on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Truist Financial boosted their target price on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. JMP Securities reaffirmed a “market outperform” rating and set a $120.00 price target on shares of Shopify in a research report on Thursday, December 12th. KeyCorp boosted their price objective on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Oppenheimer raised their target price on shares of Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $125.14.

Shopify Stock Performance

SHOP stock opened at $120.46 on Wednesday. The stock has a market capitalization of $155.65 billion, a PE ratio of 112.58, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The company has a 50 day moving average price of $111.29 and a 200 day moving average price of $91.82. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $125.95.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued 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%. Analysts forecast that Shopify will post 0.91 EPS for the current year.

Institutional Investors Weigh In On Shopify

Several large investors have recently added to or reduced their stakes in SHOP. Prudential PLC increased its position in Shopify by 16.1% in the 4th quarter. Prudential PLC now owns 201,894 shares of the software maker’s stock valued at $21,461,000 after buying an additional 28,026 shares in the last quarter. Resolute Advisors LLC boosted its holdings in Shopify by 1.9% during the 4th quarter. Resolute Advisors LLC now owns 43,150 shares of the software maker’s stock worth $4,588,000 after acquiring an additional 820 shares during the last quarter. Uniting Wealth Partners LLC purchased a new stake in Shopify in the 4th quarter valued at about $319,000. Grant Private Wealth Management Inc purchased a new stake in shares of Shopify during the 4th quarter valued at $1,116,000. Finally, Spahn Wealth & Retirement LLC bought a new stake in Shopify in the fourth quarter worth about $746,000. Institutional investors and hedge funds 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.