The Goldman Sachs Group Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by investment analysts at The Goldman Sachs Group from $88.00 to $135.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. The Goldman Sachs Group’s target price points to a potential upside of 23.76% from the company’s previous close.

Several other research firms have also recently commented on SHOP. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Barclays lifted their price target on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday. Argus upgraded Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Oppenheimer raised their target price on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Benchmark restated a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $94.95.

Shopify Trading Down 5.2 %

Shares of Shopify stock opened at $109.08 on Wednesday. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock has a fifty day simple moving average of $80.36 and a 200 day simple moving average of $70.50. Shopify has a 12-month low of $48.56 and a 12-month high of $115.62. The company has a market capitalization of $140.76 billion, a P/E ratio of 101.94, a price-to-earnings-growth ratio of 3.71 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.60%. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.11 billion. On average, sell-side analysts anticipate that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Large investors have recently modified their holdings of the business. GQG Partners LLC increased its position in shares of Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares during the last quarter. Capital World Investors grew its stake in Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after buying an additional 10,340,040 shares in the last quarter. Baillie Gifford & Co. increased its holdings in shares of Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after buying an additional 5,982,434 shares in the last quarter. Finally, FMR LLC lifted its holdings in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the last quarter. 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.