Shopify (NYSE:SHOP) Price Target Raised to $80.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lifted by Scotiabank from $75.00 to $80.00 in a research report sent to investors on Thursday morning, Marketbeat reports. Scotiabank currently has a sector perform rating on the software maker’s stock.

Several other analysts have also recently commented on SHOP. Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target for the company in a research report on Tuesday, September 17th. Robert W. Baird raised their price target on shares of Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Benchmark restated a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. KeyCorp assumed coverage on shares of Shopify in a report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective for the company. Finally, Morgan Stanley boosted their target price on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $79.49.

Shopify Price Performance

NYSE:SHOP traded up $1.01 during trading hours on Thursday, reaching $80.83. 454,404 shares of the company were exchanged, compared to its average volume of 9,159,900. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm has a market cap of $104.16 billion, a PE ratio of -469.56, a price-to-earnings-growth ratio of 2.73 and a beta of 2.36. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. The stock’s 50-day moving average is $76.94 and its 200-day moving average is $69.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period last year, the company posted ($0.08) EPS. Shopify’s quarterly revenue was up 20.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Trading of Shopify

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Massmutual Trust Co. FSB ADV raised its stake 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. CVA Family Office LLC grew its holdings in shares of Shopify by 11.8% during the third quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock worth $109,000 after purchasing an additional 143 shares during the last quarter. Willis Johnson & Associates Inc. increased its position in shares of Shopify by 5.8% during the first quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock worth $211,000 after purchasing an additional 149 shares in the last quarter. Valley National Advisers Inc. lifted its holdings in shares of Shopify by 11.4% in the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock valued at $114,000 after purchasing an additional 152 shares during the last quarter. Finally, Wolff Wiese Magana LLC boosted its position in shares of Shopify by 5.4% in the 3rd quarter. Wolff Wiese Magana LLC now owns 2,974 shares of the software maker’s stock valued at $238,000 after purchasing an additional 152 shares during the period. Institutional investors and hedge funds 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.