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

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price boosted by analysts at DA Davidson from $130.00 to $150.00 in a research note issued on Wednesday,BayStreet.CA reports. The firm presently has a “buy” rating on the software maker’s stock. DA Davidson’s price target suggests a potential upside of 22.70% from the stock’s current price.

A number of other equities research analysts have also recently commented on SHOP. Cantor Fitzgerald reiterated a “neutral” rating and issued a $120.00 target price on shares of Shopify in a research report on Wednesday. UBS Group raised their price objective on shares of Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday. Robert W. Baird raised their price objective on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Truist Financial raised their price objective on shares of Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Moffett Nathanson raised their price objective on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average target price of $125.14.

Shopify Price Performance

SHOP traded down $1.34 during midday trading on Wednesday, hitting $122.25. 8,897,011 shares of the company traded hands, compared to its average volume of 7,737,990. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $157.96 billion, a price-to-earnings ratio of 114.25, a PEG ratio of 2.49 and a beta of 2.47. Shopify has a 52-week low of $48.56 and a 52-week high of $125.95. The business has a 50 day simple moving average of $111.29 and a two-hundred day simple moving average of $91.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. On average, equities analysts forecast that Shopify will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Large investors have recently added to or reduced their stakes in the company. Allianz SE bought a new position in Shopify during the fourth quarter worth $27,000. PFG Private Wealth Management LLC increased its position in Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after buying an additional 256 shares during the period. Mark Sheptoff Financial Planning LLC increased its position in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after buying an additional 100 shares during the period. New Wave Wealth Advisors LLC acquired a new stake in Shopify in the fourth quarter worth $39,000. Finally, Mather Group LLC. increased its position in Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after buying an additional 184 shares during the period. 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.