Shopify (NYSE:SHOP) Stock Price Expected to Rise, JMP Securities Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective lifted by JMP Securities from $80.00 to $120.00 in a report published on Wednesday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the software maker’s stock.

A number of other analysts have also weighed in on the company. Morgan Stanley increased their price objective on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target for the company in a research report on Tuesday, September 17th. Oppenheimer boosted their price objective on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday. JPMorgan Chase & Co. increased their target price on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Finally, Truist Financial reduced their price target on Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $94.95.

Shopify Price Performance

SHOP stock opened at $115.13 on Wednesday. The firm has a market cap of $148.56 billion, a P/E ratio of 107.60, a P/E/G ratio of 3.64 and a beta of 2.36. The firm’s fifty day moving average is $79.47 and its 200 day moving average is $70.18. Shopify has a 52 week low of $48.56 and a 52 week high of $115.62. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09. Shopify had a return on equity of 11.94% and a net margin of 16.84%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Research analysts predict that Shopify will post 0.76 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SHOP. FORA Capital LLC purchased a new position in Shopify in the 3rd quarter worth approximately $223,000. Glenmede Trust Co. NA boosted its position in shares of Shopify by 41.7% during the third quarter. Glenmede Trust Co. NA now owns 209,581 shares of the software maker’s stock worth $16,796,000 after acquiring an additional 61,697 shares during the last quarter. Townsquare Capital LLC grew its stake in Shopify by 32.8% during the third quarter. Townsquare Capital LLC now owns 481,447 shares of the software maker’s stock valued at $38,583,000 after acquiring an additional 118,961 shares in the last quarter. Brooklyn Investment Group bought a new stake in Shopify in the 3rd quarter valued at $33,000. Finally, D.A. Davidson & CO. boosted its holdings in shares of Shopify by 13.4% during the 3rd quarter. D.A. Davidson & CO. now owns 83,448 shares of the software maker’s stock valued at $6,688,000 after purchasing an additional 9,839 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

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.