Morgan Stanley Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by Morgan Stanley from $126.00 to $144.00 in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. Morgan Stanley currently has an overweight rating on the software maker’s stock.

A number of other analysts have also recently weighed in on the company. Mizuho increased their price target on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. increased their target price on Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a research report on Wednesday. Canaccord Genuity Group boosted their price target on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday. Moffett Nathanson increased their price objective on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Robert W. Baird lifted their price objective on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $126.21.

Shopify Stock Performance

Shares of SHOP opened at $128.36 on Wednesday. The stock has a market capitalization of $165.85 billion, a PE ratio of 119.96, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The business’s fifty day moving average price is $111.70 and its 200 day moving average price is $92.27. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify has a 12-month low of $48.56 and a 12-month high of $128.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. Equities research analysts forecast that Shopify will post 0.91 EPS for the current year.

Institutional Trading of Shopify

Several hedge funds and other institutional investors have recently modified their holdings of the business. Allianz SE purchased a new stake in Shopify in the 4th quarter worth about $27,000. PFG Private Wealth Management LLC increased its holdings in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the period. Mark Sheptoff Financial Planning LLC increased its holdings in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after purchasing an additional 100 shares during the period. New Wave Wealth Advisors LLC purchased a new stake in shares of Shopify in the fourth quarter worth approximately $39,000. Finally, Mather Group LLC. boosted its holdings in shares of Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after purchasing an additional 184 shares during the period. Institutional investors and hedge funds 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.