Scotiabank Lowers Shopify (NYSE:SHOP) Price Target to $75.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price reduced by stock analysts at Scotiabank from $80.00 to $75.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the software maker’s stock. Scotiabank’s price objective points to a potential upside of 20.10% from the company’s previous close.

SHOP has been the subject of a number of other research reports. The Goldman Sachs Group reduced their price objective on shares of Shopify from $75.00 to $67.00 and set a “neutral” rating for the company in a research report on Thursday. Barclays reduced their price objective on shares of Shopify from $68.00 to $63.00 and set an “equal weight” rating for the company in a research note on Thursday. Canaccord Genuity Group lowered their target price on Shopify from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday. Mizuho cut their target price on shares of Shopify from $75.00 to $65.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, TD Securities lowered their target price on Shopify from $80.00 to $72.00 and set a “hold” rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, Shopify has a consensus rating of “Hold” and an average price target of $76.53.

Shopify Stock Down 0.4 %

SHOP traded down $0.28 on Thursday, reaching $62.45. The company’s stock had a trading volume of 19,262,606 shares, compared to its average volume of 9,935,966. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $80.35 billion, a price-to-earnings ratio of 694.33 and a beta of 2.20. The stock has a 50 day moving average of $74.74 and a two-hundred day moving average of $73.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. As a group, analysts forecast that Shopify will post 0.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several institutional investors have recently added to or reduced their stakes in SHOP. Private Wealth Management Group LLC acquired a new position in shares of Shopify during the fourth quarter worth approximately $26,000. SJS Investment Consulting Inc. grew its holdings in shares of Shopify by 59.1% during the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after buying an additional 130 shares during the last quarter. DSM Capital Partners LLC bought a new stake in shares of Shopify during the fourth quarter worth about $28,000. Jones Financial Companies Lllp bought a new position in Shopify in the 4th quarter valued at about $28,000. Finally, Your Advocates Ltd. LLP boosted its stake in Shopify by 4,344.4% during the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after purchasing an additional 391 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

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.