Shopify (NYSE:SHOP) Price Target Raised to $145.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by Royal Bank of Canada from $130.00 to $145.00 in a research note released on Wednesday, Marketbeat reports. Royal Bank of Canada currently has an outperform rating on the software maker’s stock.

Other analysts have also issued research reports about the company. Cantor Fitzgerald reissued a “neutral” rating and issued a $120.00 target price on shares of Shopify in a report on Wednesday. Evercore ISI increased their price objective on Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday. Moffett Nathanson boosted their target price on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and increased their price target for the company from $110.00 to $140.00 in a report on Friday, December 6th. Finally, New Street Research initiated coverage on Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average target price of $125.14.

Shopify Price Performance

Shares of SHOP opened at $120.46 on Wednesday. The firm’s 50-day simple moving average is $111.29 and its two-hundred day simple moving average is $91.82. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $125.95. The stock has a market cap of $155.65 billion, a PE ratio of 112.58, 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 results 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 return on equity of 11.60% and a net margin of 16.84%. Analysts anticipate that Shopify will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several hedge funds have recently added to or reduced their stakes in SHOP. Norges Bank acquired a new stake in shares of Shopify during the fourth quarter worth about $1,542,262,000. Baillie Gifford & Co. grew its stake in Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after buying an additional 7,316,862 shares during the period. FMR LLC lifted its stake in Shopify by 16.1% in 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 last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Shopify by 631.3% in the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after acquiring an additional 3,849,796 shares during the period. 69.27% of the stock is currently owned by hedge funds and other 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.