Canaccord Genuity Group Trims Shopify (NYSE:SHOP) Target Price to $80.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target decreased by analysts at Canaccord Genuity Group from $90.00 to $80.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 28.12% from the stock’s current price.

A number of other research firms have also recently issued reports on SHOP. Royal Bank of Canada dropped their price target on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday. StockNews.com upgraded shares of Shopify from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. Roth Capital boosted their price target on shares of Shopify from $85.00 to $89.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Deutsche Bank Aktiengesellschaft lowered their price objective on Shopify from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday. Finally, ATB Capital upped their price target on Shopify from $105.00 to $110.00 and gave the company a “sector perform” rating in a report on Wednesday, February 14th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $76.67.

Shopify Stock Performance

SHOP traded down $0.29 during trading on Thursday, reaching $62.44. 16,810,551 shares of the company’s stock were exchanged, compared to its average volume of 9,905,413. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. The stock has a market capitalization of $80.33 billion, a P/E ratio of 693.78 and a beta of 2.20. The company’s fifty day simple moving average is $74.74 and its 200-day simple moving average is $73.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.04. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. As a group, research analysts predict that Shopify will post 0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently modified their holdings of the stock. Baillie Gifford & Co. raised its holdings in shares of Shopify by 2.3% during the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after buying an additional 1,419,749 shares during the period. Vanguard Group Inc. increased its holdings in Shopify by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock worth $3,284,910,000 after purchasing an additional 1,242,067 shares during the last quarter. Capital World Investors increased its holdings in Shopify by 28.7% during the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after purchasing an additional 8,789,411 shares during the last quarter. Capital International Investors increased its holdings in Shopify by 9.7% during the 4th quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock worth $1,235,534,000 after purchasing an additional 1,399,562 shares during the last quarter. Finally, Norges Bank purchased a new stake in Shopify during the 4th quarter worth approximately $1,049,089,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.