Shopify (NYSE:SHOP) Price Target Raised to $120.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective raised by Truist Financial from $110.00 to $120.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a hold rating on the software maker’s stock.

Several other equities analysts also recently weighed in on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. Citigroup raised their price objective on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday. Robert W. Baird upped their target price on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Royal Bank of Canada raised their price target on Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, New Street Research assumed coverage on Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $126.21.

Shopify Trading Up 0.6 %

Shares of Shopify stock opened at $128.36 on Wednesday. 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 stock has a market capitalization of $165.85 billion, a PE ratio of 119.96, a P/E/G ratio of 2.49 and a beta of 2.47. Shopify has a 1-year low of $48.56 and a 1-year high of $128.57. The company’s fifty day simple moving average is $111.70 and its 200-day simple moving average is $92.27.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly 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%. As a group, equities analysts anticipate that Shopify will post 0.91 earnings per share for the current year.

Institutional Trading of Shopify

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Allianz SE bought a new position in shares of Shopify in the fourth quarter worth about $27,000. PFG Private Wealth Management LLC boosted its position in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after buying an additional 256 shares during the period. Mark Sheptoff Financial Planning LLC grew its stake in Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Shopify during the third quarter worth approximately $33,000. Finally, Rosenberg Matthew Hamilton raised its stake in shares of Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares in the last quarter. Hedge funds and other 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.