Shopify (NYSE:SHOP) Price Target Raised to $150.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective increased by Oppenheimer from $130.00 to $150.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price target would indicate a potential upside of 20.99% from the company’s previous close.

A number of other equities research analysts have also weighed in on the stock. Canaccord Genuity Group raised their price objective on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a research note on Monday. New Street Research began coverage on shares of Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price on the stock. The Goldman Sachs Group boosted their price target on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Truist Financial boosted their price objective on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $104.66.

Shopify Trading Up 3.4 %

Shares of SHOP stock opened at $123.98 on Wednesday. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $125.95. The company has a 50 day moving average price of $111.05 and a 200 day moving average price of $91.37. The stock has a market capitalization of $160.19 billion, a P/E ratio of 115.87, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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 predict that Shopify will post 0.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its holdings in shares of Shopify by 14.7% in the 3rd 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 during the period. Vanguard Group Inc. increased its position in shares of Shopify by 1.7% in the fourth 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 raised its stake in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Shopify by 6.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after acquiring an additional 484,561 shares in the last quarter. Finally, National Bank of Canada FI boosted its position in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 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.