Shopify (NYSE:SHOP) PT Raised to $90.00 at Loop Capital

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by Loop Capital from $80.00 to $90.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has a hold rating on the software maker’s stock.

Several other brokerages have also weighed in on SHOP. Cantor Fitzgerald reissued a neutral rating and set a $70.00 price objective on shares of Shopify in a report on Monday, October 7th. DZ Bank lowered Shopify from a hold rating to a sell rating in a report on Friday, August 9th. Wedbush reaffirmed a neutral rating and issued a $72.00 price target (up from $68.00) on shares of Shopify in a report on Wednesday, August 7th. Bank of America raised Shopify from a neutral rating to a buy rating and raised their price target for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Finally, Robert W. Baird raised their price target on Shopify from $79.00 to $90.00 and gave the stock an outperform rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $78.97.

Shopify Stock Performance

SHOP stock opened at $83.24 on Wednesday. The firm has a market cap of $107.27 billion, a PE ratio of 84.94, a P/E/G ratio of 2.79 and a beta of 2.36. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The business has a 50 day moving average of $74.19 and a 200-day moving average of $68.78. Shopify has a 12-month low of $45.50 and a 12-month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same period in the prior year, the company earned ($0.08) earnings per share. Shopify’s revenue was up 20.7% compared to the same quarter last year. As a group, sell-side analysts expect that Shopify will post 0.76 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SHOP. Oliver Lagore Vanvalin Investment Group boosted its position in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares in the last quarter. Cultivar Capital Inc. bought a new stake in Shopify during the 2nd quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. bought a new stake in Shopify during the 2nd quarter valued at approximately $33,000. Private Wealth Management Group LLC lifted its holdings in shares of Shopify by 53.3% during the first quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock valued at $40,000 after purchasing an additional 180 shares during the last quarter. Finally, Redmont Wealth Advisors LLC purchased a new position in shares of Shopify during the first quarter valued at approximately $42,000. 69.27% of the stock is owned by institutional investors.

About Shopify

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.