Canaccord Genuity Group Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price upped by stock analysts at Canaccord Genuity Group from $125.00 to $140.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 12.92% from the company’s previous close.

Several other research firms also recently commented on SHOP. JMP Securities reissued a “market outperform” rating and set a $120.00 price target on shares of Shopify in a research note on Thursday, December 12th. New Street Research assumed coverage on Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 target price for the company. Citigroup lifted their price target on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday. Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and upped their price objective for the stock from $110.00 to $140.00 in a report on Friday, December 6th. Finally, Robert W. Baird raised their price target on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. One 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $105.09.

Shopify Price Performance

Shopify stock opened at $123.98 on Wednesday. Shopify has a 52 week low of $48.56 and a 52 week high of $125.95. The company’s 50 day moving average price is $111.29 and its two-hundred day moving average price is $91.82. The stock has a market cap of $160.19 billion, a P/E ratio of 115.87, a P/E/G ratio of 2.49 and a beta of 2.47. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (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%. On average, equities analysts predict that Shopify will post 0.91 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Several hedge funds and other institutional investors have recently modified their holdings of SHOP. Sava Infond d.o.o. acquired a new position in shares of Shopify during the fourth quarter valued at $117,000. Korea Investment CORP boosted its stake in Shopify by 0.6% during the 4th quarter. Korea Investment CORP now owns 1,003,030 shares of the software maker’s stock worth $106,695,000 after acquiring an additional 6,014 shares during the last quarter. Mufg Securities Canada LTD. grew its holdings in shares of Shopify by 72.4% in the 4th quarter. Mufg Securities Canada LTD. now owns 1,852,031 shares of the software maker’s stock valued at $196,984,000 after buying an additional 777,696 shares during the period. Mark Sheptoff Financial Planning LLC raised its position in shares of Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares during the period. Finally, Murphy & Mullick Capital Management Corp acquired a new position in shares of Shopify in the fourth quarter valued at approximately $160,000. Institutional investors 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.