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

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective hoisted by research analysts at Jefferies Financial Group from $110.00 to $130.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the software maker’s stock. Jefferies Financial Group’s target price suggests a potential upside of 0.62% from the company’s previous close.

Several other brokerages have also weighed in on SHOP. Truist Financial lifted their price target on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. Scotiabank boosted their price objective on Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Wedbush reiterated an “outperform” rating and set a $125.00 target price on shares of Shopify in a research report on Tuesday, February 11th. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and boosted their price target for the stock from $110.00 to $140.00 in a report on Friday, December 6th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $120.00 price objective on shares of Shopify in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Performance

SHOP stock traded up $0.85 during trading on Tuesday, hitting $129.20. 6,275,174 shares of the company traded hands, compared to its average volume of 7,955,772. 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 1 year low of $48.56 and a 1 year high of $129.20. The stock’s 50-day simple moving average is $112.16 and its 200 day simple moving average is $93.70. The company has a market cap of $166.94 billion, a PE ratio of 120.75, a P/E/G ratio of 2.49 and a beta of 2.47.

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

Hedge Funds Weigh In On Shopify

Hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. lifted its stake in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares in the last quarter. Capital World Investors raised its holdings in shares of Shopify by 0.9% in the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock valued at $5,646,455,000 after buying an additional 496,982 shares during the period. Vanguard Group Inc. lifted its stake in Shopify by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock worth $5,010,721,000 after acquiring an additional 781,162 shares in the last quarter. FMR LLC boosted its holdings in Shopify by 3.4% during the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock valued at $4,653,054,000 after acquiring an additional 1,426,000 shares during the period. Finally, Capital International Investors increased its stake in Shopify by 2.7% during the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock worth $3,883,039,000 after purchasing an additional 968,026 shares during the period. Hedge funds and other 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.