Citigroup Raises Shopify (NYSE:SHOP) Price Target to $103.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by Citigroup from $90.00 to $103.00 in a report released on Monday morning, MarketBeat Ratings reports. Citigroup currently has a buy rating on the software maker’s stock.

A number of other equities research analysts have also weighed in on SHOP. Morgan Stanley raised their price target on shares of Shopify from $80.00 to $85.00 and gave the company an overweight rating in a report on Thursday, August 8th. Loop Capital increased their target price on shares of Shopify from $68.00 to $80.00 and gave the stock a hold rating in a report on Friday, August 16th. Wedbush reiterated a neutral rating and set a $72.00 price target (up from $68.00) on shares of Shopify in a research report on Wednesday, August 7th. Moffett Nathanson downgraded shares of Shopify from a buy rating to a neutral rating and cut their price objective for the company from $74.00 to $65.00 in a research report on Thursday, June 6th. Finally, Benchmark reiterated a hold rating on shares of Shopify in a research 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 assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Shopify presently has an average rating of Moderate Buy and a consensus price target of $78.38.

Shopify Stock Up 0.9 %

SHOP stock opened at $79.14 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify has a 12 month low of $45.50 and a 12 month high of $91.57. The company’s 50 day simple moving average is $70.96 and its 200-day simple moving average is $68.56. The firm has a market capitalization of $101.99 billion, a PE ratio of -465.53, a P/E/G ratio of 2.65 and a beta of 2.35.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same period last year, the company earned ($0.08) earnings per share. The company’s quarterly revenue was up 20.7% on a year-over-year basis. Equities analysts expect that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently modified their holdings of the company. Massmutual Trust Co. FSB ADV increased its position in Shopify by 7.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after buying an additional 129 shares during the last quarter. Doliver Advisors LP raised its holdings in Shopify by 3.7% in the 3rd quarter. Doliver Advisors LP now owns 5,913 shares of the software maker’s stock valued at $474,000 after acquiring an additional 210 shares in the last quarter. Anchor Investment Management LLC raised its stake in shares of Shopify by 31.5% in the second quarter. Anchor Investment Management LLC now owns 865 shares of the software maker’s stock valued at $57,000 after purchasing an additional 207 shares in the last quarter. Lazari Capital Management Inc. raised its stake in shares of Shopify by 2.8% in the 2nd quarter. Lazari Capital Management Inc. now owns 6,447 shares of the software maker’s stock valued at $426,000 after buying an additional 177 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in Shopify during the second quarter worth about $9,664,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.