Shopify Inc. (NYSE:SHOP) Receives $77.92 Consensus Price Target from Brokerages

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) has been given a consensus recommendation of “Moderate Buy” by the forty-one research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $78.38.

A number of analysts have recently weighed in on SHOP shares. Citigroup raised their target price on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Argus upgraded shares of Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Wolfe Research initiated coverage on shares of Shopify in a research report on Tuesday, July 16th. They set an “outperform” rating and a $80.00 price target for the company. Benchmark reissued a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. Finally, Morgan Stanley raised their price objective on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th.

Shopify Price Performance

NYSE:SHOP opened at $82.43 on Monday. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm has a market cap of $106.23 billion, a PE ratio of -484.88, a price-to-earnings-growth ratio of 2.65 and a beta of 2.36. Shopify has a 12 month low of $45.50 and a 12 month high of $91.57. The company’s 50-day moving average price is $71.79 and its two-hundred day moving average price is $68.51.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the previous year, the business earned ($0.08) EPS. Shopify’s revenue was up 20.7% compared to the same quarter last year. On average, equities analysts anticipate that Shopify will post 0.76 EPS for the current fiscal year.

Institutional Trading of Shopify

Several institutional investors have recently made changes to their positions in the business. Capital World Investors boosted its stake in Shopify by 26.2% during the first 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 holdings in shares of 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 acquiring an additional 713,064 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Shopify by 21.2% during 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 acquiring an additional 5,982,434 shares during the last quarter. GQG Partners LLC grew its holdings in shares of Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after purchasing an additional 13,885,473 shares in the last quarter. Finally, Capital International Investors increased its position in Shopify by 3.4% in the first quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock worth $1,264,982,000 after purchasing an additional 542,503 shares during 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.