Wells Fargo & Company Increases Shopify (NYSE:SHOP) Price Target to $120.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price hoisted by stock analysts at Wells Fargo & Company from $90.00 to $120.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 6.41% from the company’s previous close.

Several other research firms have also recently commented on SHOP. Royal Bank of Canada raised their target price on shares of Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday. Mizuho raised their price objective on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday. Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price for the company in a research report on Tuesday, September 17th. JMP Securities reiterated a “market outperform” rating and set a $80.00 price target on shares of Shopify in a research report on Tuesday, September 10th. Finally, Scotiabank lifted their target price on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Stock Performance

NYSE SHOP traded up $3.85 on Wednesday, hitting $112.77. The stock had a trading volume of 10,760,263 shares, compared to its average volume of 9,293,938. The company’s 50-day moving average is $79.47 and its two-hundred day moving average is $70.18. Shopify has a one year low of $48.56 and a one year high of $114.51. The stock has a market cap of $145.52 billion, a price-to-earnings ratio of 105.60, a P/E/G ratio of 3.64 and a beta of 2.36. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. Shopify had a return on equity of 11.94% and a net margin of 16.84%. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.11 billion. On average, analysts expect that Shopify will post 0.76 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. boosted its holdings in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the period. Capital World Investors lifted its position in shares of Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after purchasing an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. boosted its stake in Shopify by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after purchasing an additional 713,064 shares during the period. FMR LLC grew its holdings in 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 buying an additional 5,869,795 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after buying an additional 5,982,434 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.