Shopify (NYSE:SHOP) Price Target Raised to $130.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective raised by Royal Bank of Canada from $100.00 to $130.00 in a research note released on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the software maker’s stock.

A number of other equities analysts also recently issued reports on SHOP. Barclays increased their price target on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price for the company in a research note on Tuesday, September 17th. Argus raised Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Scotiabank raised their price objective on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. Finally, Oppenheimer upped their target price on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $94.95.

Shopify Stock Performance

Shopify stock opened at $108.48 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 firm has a market cap of $139.98 billion, a P/E ratio of 101.38, a P/E/G ratio of 3.71 and a beta of 2.36. Shopify has a 1-year low of $48.56 and a 1-year high of $115.62. The firm has a 50-day moving average of $81.97 and a 200-day moving average of $71.02.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.09. Shopify had a return on equity of 11.60% and a net margin of 16.84%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. Sell-side analysts expect that Shopify will post 0.76 EPS for the current year.

Institutional Investors Weigh In On Shopify

A number of institutional investors have recently added to or reduced their stakes in SHOP. Geode Capital Management LLC lifted its holdings in shares of Shopify by 9.6% in the third quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock worth $432,573,000 after buying an additional 471,280 shares in the last quarter. Conway Capital Management Inc. purchased a new stake in Shopify in the 3rd quarter worth $864,000. M&T Bank Corp lifted its stake in Shopify by 2.4% in the 3rd quarter. M&T Bank Corp now owns 42,051 shares of the software maker’s stock worth $3,370,000 after purchasing an additional 1,001 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Shopify during the third quarter valued at about $33,676,000. Finally, EWA LLC purchased a new position in shares of Shopify during the third quarter valued at about $214,000. 69.27% of the stock is owned by hedge funds and other 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.