Canaccord Genuity Increases Shopify (NYSE:SHOP) Price Target to $700.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective increased by investment analysts at Canaccord Genuity from $650.00 to $700.00 in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The firm currently has a “hold” rating on the software maker’s stock. Canaccord Genuity’s price objective indicates a potential downside of 15.17% from the stock’s current price. The analysts noted that the move was a valuation call.

SHOP has been the subject of several other research reports. Wedbush lifted their price target on Shopify from $445.00 to $550.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 28th. DA Davidson lowered Shopify from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $400.00 to $650.00 in a research report on Thursday, May 7th. Rosenblatt Securities lifted their price target on Shopify from $630.00 to $860.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Roth Capital reissued a “hold” rating and issued a $625.00 price objective (up previously from $320.00) on shares of Shopify in a research note on Wednesday, May 6th. Finally, Mizuho raised their price objective on shares of Shopify from $350.00 to $600.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $620.22.

Shares of Shopify stock traded up $22.82 during trading on Thursday, reaching $825.17. 2,761,628 shares of the stock traded hands, compared to its average volume of 3,898,984. The company has a market capitalization of $94.09 billion, a price-to-earnings ratio of -711.35 and a beta of 1.51. Shopify has a 52-week low of $262.17 and a 52-week high of $826.38. The company has a debt-to-equity ratio of 0.04, a current ratio of 9.45 and a quick ratio of 9.45. The business has a fifty day simple moving average of $595.63 and a two-hundred day simple moving average of $456.64.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.70) by $0.89. The company had revenue of $470.00 million during the quarter, compared to analyst estimates of $442.92 million. Shopify had a negative return on equity of 2.56% and a negative net margin of 7.65%. The firm’s revenue was up 46.6% on a year-over-year basis. During the same quarter last year, the business posted $0.09 earnings per share. On average, research analysts predict that Shopify will post -2.26 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of SHOP. Pacifica Partners Inc. acquired a new stake in shares of Shopify in the fourth quarter valued at about $29,000. Key Financial Inc acquired a new stake in shares of Shopify in the first quarter valued at about $34,000. Squar Milner Financial Services LLC lifted its stake in shares of Shopify by 102.5% in the first quarter. Squar Milner Financial Services LLC now owns 81 shares of the software maker’s stock valued at $33,000 after purchasing an additional 41 shares during the period. Sugarloaf Wealth Management LLC acquired a new stake in shares of Shopify in the fourth quarter valued at about $34,000. Finally, PrairieView Partners LLC acquired a new stake in shares of Shopify in the first quarter valued at about $38,000. 57.84% of the stock is currently owned by institutional investors and hedge funds.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Analyst Recommendations for Shopify (NYSE:SHOP)

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