Shopify (NYSE:SHOP) PT Raised to $70.00 at Barclays

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target raised by Barclays from $65.00 to $70.00 in a research report sent to investors on Tuesday, Benzinga reports. Barclays currently has an equal weight rating on the software maker’s stock.

A number of other research firms have also issued reports on SHOP. Piper Sandler reiterated a neutral rating and issued a $67.00 target price on shares of Shopify in a report on Thursday, August 29th. Evercore ISI lifted their price objective on Shopify from $75.00 to $80.00 and gave the company an outperform rating in a research note on Thursday, August 8th. Wedbush reissued a neutral rating and set a $72.00 price objective (up from $68.00) on shares of Shopify in a research report on Wednesday, August 7th. Wolfe Research initiated coverage on shares of Shopify in a report on Tuesday, July 16th. They issued an outperform rating and a $80.00 target price on the stock. Finally, JMP Securities reiterated a market outperform rating and issued a $80.00 price target on shares of Shopify in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $78.38.

Shopify Stock Up 5.5 %

Shares of NYSE:SHOP opened at $82.42 on Tuesday. The firm’s 50-day moving average is $71.79 and its two-hundred day moving average is $68.66. 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 1 year low of $45.50 and a 1 year high of $91.57. The firm has a market capitalization of $106.21 billion, a PE ratio of -484.82, a price-to-earnings-growth ratio of 2.65 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share 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 firm had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the prior year, the firm earned ($0.08) EPS. The firm’s revenue for the quarter was up 20.7% on a year-over-year basis. Analysts predict that Shopify will post 0.76 EPS for the current year.

Institutional Investors Weigh In On Shopify

Hedge funds have recently added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group raised its stake in shares of Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in Shopify during the fourth quarter worth $28,000. Cultivar Capital Inc. acquired a new position in Shopify during the second quarter worth $33,000. Hazlett Burt & Watson Inc. purchased a new position in Shopify in the second quarter worth $33,000. Finally, OLD Point Trust & Financial Services N A acquired a new stake in Shopify in the fourth quarter valued at $39,000. Institutional investors and hedge funds 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.