Shopify (NYSE:SHOP) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price raised by investment analysts at Royal Bank of Canada from $130.00 to $145.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 19.90% from the stock’s previous close.

Other analysts also recently issued reports about the company. Wedbush reissued an “outperform” rating and issued a $125.00 price objective on shares of Shopify in a research note on Tuesday. JPMorgan Chase & Co. lifted their price objective on shares of Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a report on Wednesday. Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price for the company in a report on Monday. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Finally, Wells Fargo & Company upped their price objective on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $111.80.

Shopify Stock Down 2.1 %

SHOP traded down $2.65 during trading on Wednesday, hitting $120.94. 6,424,314 shares of the company’s stock were exchanged, compared to its average volume of 7,649,835. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $125.95. The stock has a market cap of $156.26 billion, a P/E ratio of 112.81, a PEG ratio of 2.49 and a beta of 2.47. The business’s 50 day moving average is $111.29 and its two-hundred day moving average is $91.82. 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 posted its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. As a group, equities analysts expect that Shopify will post 0.91 earnings per share for the current fiscal year.

Institutional Trading of Shopify

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Baillie Gifford & Co. raised its holdings in shares of Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Shopify by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock worth $5,010,721,000 after purchasing an additional 781,162 shares during the last quarter. FMR LLC raised its stake in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. Norges Bank bought a new stake in Shopify during the fourth quarter valued at approximately $1,542,262,000. Finally, The Manufacturers Life Insurance Company grew its stake in Shopify by 6.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after buying an additional 484,561 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

About Shopify

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.