Morgan Stanley Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective upped by equities researchers at Morgan Stanley from $126.00 to $144.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Morgan Stanley’s price target would indicate a potential upside of 18.40% from the company’s current price.

SHOP has been the subject of a number of other research reports. Barclays boosted their price target on shares of Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday. Canaccord Genuity Group boosted their price target on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday. Piper Sandler boosted their price target on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research note on Wednesday. The Goldman Sachs Group boosted their price target on shares of Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Royal Bank of Canada boosted their price target on shares of Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus target price of $115.20.

Shopify Trading Down 1.6 %

Shares of NYSE:SHOP traded down $1.96 during mid-day trading on Wednesday, hitting $121.63. The company had a trading volume of 8,329,956 shares, compared to its average volume of 7,720,913. The firm has a fifty day moving average price of $111.29 and a 200 day moving average price of $91.82. The company has a market capitalization of $157.15 billion, a PE ratio of 113.67, 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 current ratio of 7.10 and a quick ratio of 7.10. Shopify has a one year low of $48.56 and a one year high of $125.95.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. As a group, research analysts forecast that Shopify will post 0.91 EPS for the current year.

Institutional Investors Weigh In On Shopify

Several hedge funds and other institutional investors have recently modified their holdings of SHOP. Norges Bank bought a new stake in shares of Shopify during the fourth quarter valued at about $1,542,262,000. Baillie Gifford & Co. increased its position in shares of 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 buying an additional 8,131,160 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after buying an additional 7,316,862 shares during the period. FMR LLC increased its position in shares of Shopify by 16.1% during the third 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 period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Shopify by 30.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after buying an additional 1,647,374 shares during the period. 69.27% of the stock is currently owned by 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.