Scotiabank Raises Shopify (NYSE:SHOP) Price Target to $80.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective raised by research analysts at Scotiabank from $75.00 to $80.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the software maker’s stock. Scotiabank’s price target points to a potential upside of 0.78% from the stock’s previous close.

Several other research analysts also recently issued reports on the stock. Morgan Stanley upped their price target on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 target price on shares of Shopify in a research report on Monday, October 7th. Evercore raised their price target on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Wedbush reaffirmed a “neutral” rating and set a $72.00 price objective (up previously from $68.00) on shares of Shopify in a report on Wednesday, August 7th. Finally, Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price for the company in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.49.

Shopify Price Performance

Shares of NYSE:SHOP traded down $0.28 during trading on Thursday, reaching $79.38. The stock had a trading volume of 1,508,897 shares, compared to its average volume of 9,190,158. The stock has a market capitalization of $102.30 billion, a PE ratio of 81.00, a P/E/G ratio of 2.73 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify has a 52 week low of $45.50 and a 52 week high of $91.57. The business’s 50-day moving average price is $76.94 and its 200 day moving average price is $69.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.08) EPS. As a group, equities analysts predict that Shopify will post 0.76 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently bought and sold shares of SHOP. Oliver Lagore Vanvalin Investment Group increased its stake in shares of Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the period. Cultivar Capital Inc. acquired a new position in shares of Shopify in the second quarter valued at about $33,000. Hazlett Burt & Watson Inc. bought a new position in Shopify during the second quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Shopify in the second quarter valued at approximately $39,000. Finally, HighMark Wealth Management LLC increased its holdings in Shopify by 63.3% in the 2nd quarter. HighMark Wealth Management LLC now owns 601 shares of the software maker’s stock valued at $40,000 after buying an additional 233 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.