Shopify (NYSE:SHOP) PT Raised to $80.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by analysts at Wells Fargo & Company from $75.00 to $80.00 in a note issued to investors on Thursday, Marketbeat reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 15.44% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the company. Wolfe Research started coverage on Shopify in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price target for the company. DA Davidson reduced their price objective on shares of Shopify from $90.00 to $84.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. JPMorgan Chase & Co. assumed coverage on shares of Shopify in a research report on Tuesday, June 11th. They set an “overweight” rating and a $74.00 price target on the stock. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Shopify from $95.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Finally, Truist Financial lowered their target price on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.24.

Shopify Stock Up 1.1 %

Shares of NYSE:SHOP traded up $0.75 during midday trading on Thursday, reaching $69.30. The company had a trading volume of 10,931,244 shares, compared to its average volume of 10,422,090. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average price is $63.43 and its 200 day moving average price is $69.96. The stock has a market cap of $89.31 billion, a PE ratio of -407.65, a P/E/G ratio of 3.14 and a beta of 2.30. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter last year, the company posted ($0.08) earnings per share. Shopify’s quarterly revenue was up 20.7% on a year-over-year basis. Research analysts forecast that Shopify will post 0.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Private Wealth Management Group LLC purchased a new stake in shares of Shopify in the 4th quarter valued at $26,000. DSM Capital Partners LLC purchased a new stake in shares of Shopify in the fourth quarter valued at about $28,000. Jones Financial Companies Lllp purchased a new stake in shares of Shopify in the fourth quarter valued at about $28,000. Your Advocates Ltd. LLP boosted its stake in Shopify by 4,344.4% during the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock worth $31,000 after buying an additional 391 shares during the period. Finally, Cultivar Capital Inc. purchased a new position in Shopify during the second quarter worth about $33,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.