Shopify (NYSE:SHOP) Price Target Raised to $93.00 at Barclays

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lifted by research analysts at Barclays from $70.00 to $93.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the software maker’s stock. Barclays‘s target price would indicate a potential downside of 16.35% from the stock’s current price.

A number of other equities analysts have also issued reports on the stock. Roth Mkm raised their target price on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Evercore ISI increased their price target on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $70.00 price target on shares of Shopify in a report on Monday, October 7th. Deutsche Bank Aktiengesellschaft increased their price target on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Finally, Citigroup increased their price target on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a report on Monday, September 30th. One research 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 given a strong buy rating to the stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.05.

Shopify Stock Up 2.1 %

Shopify stock traded up $2.26 during mid-day trading on Wednesday, hitting $111.18. The company had a trading volume of 7,494,604 shares, compared to its average volume of 9,279,095. The stock has a market cap of $143.47 billion, a price-to-earnings ratio of 103.33, a PEG ratio of 3.64 and a beta of 2.36. Shopify has a 1 year low of $48.56 and a 1 year high of $114.51. 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 business has a fifty day moving average of $79.47 and a 200 day moving average of $70.18.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. Shopify had a net margin of 16.84% and a return on equity of 11.94%. On average, sell-side analysts expect that Shopify will post 0.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several hedge funds and other institutional investors have recently modified their holdings of SHOP. Moser Wealth Advisors LLC lifted its position in Shopify by 1.4% during the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock worth $755,000 after acquiring an additional 128 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in Shopify by 7.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after acquiring an additional 129 shares in the last quarter. Rosenberg Matthew Hamilton lifted its position in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares in the last quarter. CVA Family Office LLC lifted its position in Shopify by 11.8% during the 3rd quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock worth $109,000 after acquiring an additional 143 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC raised its position in shares of Shopify by 3.5% in the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 4,282 shares of the software maker’s stock valued at $343,000 after purchasing an additional 145 shares in the last quarter. 69.27% of the stock is 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.