Truist Financial Raises Shopify (NYSE:SHOP) Price Target to $110.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lifted by analysts at Truist Financial from $65.00 to $110.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the software maker’s stock. Truist Financial’s target price would suggest a potential upside of 0.84% from the stock’s previous close.

Several other equities analysts have also weighed in on the company. Scotiabank lifted their price objective on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Oppenheimer raised their price target on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday. JMP Securities boosted their price objective on shares of Shopify from $80.00 to $120.00 and gave the stock a “market outperform” rating in a research note on Wednesday. Evercore raised their target price on shares of Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $94.95.

Shopify Stock Performance

NYSE:SHOP opened at $109.08 on Wednesday. The company has a market cap of $140.76 billion, a P/E ratio of 101.94, a P/E/G ratio of 3.71 and a beta of 2.36. The firm’s 50 day moving average is $80.36 and its two-hundred day moving average is $70.50. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $115.62. The company has a quick ratio of 7.32, a current ratio of 7.10 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. Shopify had a return on equity of 11.60% and a net margin of 16.84%. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. Analysts expect that Shopify will post 0.76 EPS for the current year.

Hedge Funds Weigh In On Shopify

Several large investors have recently added to or reduced their stakes in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Shopify by 8.6% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,788,762 shares of the software maker’s stock worth $223,391,000 after buying an additional 220,498 shares during the last quarter. Acropolis Investment Management LLC acquired a new stake in Shopify during the third quarter worth about $136,000. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Shopify by 10.7% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,559,921 shares of the software maker’s stock worth $125,108,000 after acquiring an additional 150,572 shares during the last quarter. Circle Wealth Management LLC boosted its stake in Shopify by 65.1% in the third quarter. Circle Wealth Management LLC now owns 33,163 shares of the software maker’s stock valued at $2,658,000 after acquiring an additional 13,072 shares during the period. Finally, PDT Partners LLC bought a new position in shares of Shopify during the third quarter valued at approximately $3,270,000. 69.27% of the stock is currently owned by institutional investors.

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.