Shopify (NYSE:SHOP) Price Target Raised to $1,100.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target boosted by SunTrust Banks from $700.00 to $1,100.00 in a research note published on Thursday, The Fly reports. The firm currently has a hold rating on the software maker’s stock.

Several other analysts have also recently commented on the company. Citigroup started coverage on Shopify in a research report on Thursday, July 16th. They set a neutral rating and a $998.00 price target for the company. National Bank Financial increased their target price on shares of Shopify from $850.00 to $1,250.00 and gave the company an outperform rating in a research report on Tuesday, July 14th. Jefferies Financial Group reissued a hold rating and issued a $725.00 price target on shares of Shopify in a research note on Tuesday, July 28th. Argus initiated coverage on shares of Shopify in a report on Wednesday, July 1st. They issued a buy rating and a $1,050.00 price objective for the company. Finally, Pi Financial reissued a buy rating and issued a $830.00 target price on shares of Shopify in a research note on Monday, May 4th. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and eleven have given a buy rating to the company. The company currently has an average rating of Hold and an average price target of $927.71.

Shares of NYSE SHOP traded down $24.84 during trading on Thursday, hitting $1,024.00. The company had a trading volume of 2,335,705 shares, compared to its average volume of 2,893,114. The firm has a market capitalization of $120.08 billion, a price-to-earnings ratio of -1,678.66 and a beta of 1.61. The stock has a fifty day simple moving average of $935.14 and a two-hundred day simple moving average of $641.42. Shopify has a fifty-two week low of $282.08 and a fifty-two week high of $1,107.92.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, July 29th. The software maker reported $1.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $1.04. Shopify had a negative net margin of 3.25% and a positive return on equity of 0.32%. The firm had revenue of $714.34 million for the quarter, compared to analyst estimates of $511.56 million. During the same period last year, the company posted $0.10 EPS. Shopify’s quarterly revenue was up 97.3% compared to the same quarter last year. Sell-side analysts predict that Shopify will post -1.56 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in SHOP. First Trust Advisors LP grew its stake in shares of Shopify by 15.6% in the first quarter. First Trust Advisors LP now owns 3,499 shares of the software maker’s stock valued at $723,000 after buying an additional 472 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Shopify by 139.9% during the fourth quarter. Advisors Asset Management Inc. now owns 451 shares of the software maker’s stock worth $179,000 after purchasing an additional 263 shares during the period. Brinker Capital Inc. lifted its position in shares of Shopify by 46.4% during the fourth quarter. Brinker Capital Inc. now owns 1,536 shares of the software maker’s stock worth $611,000 after purchasing an additional 487 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Shopify by 15.6% in the fourth quarter. Geode Capital Management LLC now owns 139,648 shares of the software maker’s stock valued at $55,111,000 after purchasing an additional 18,851 shares during the period. Finally, Total Clarity Wealth Management Inc. acquired a new position in shares of Shopify in the fourth quarter valued at approximately $45,000. 60.17% of the stock is currently owned by institutional investors.

About Shopify

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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