Shopify (NYSE:SHOP) Given New $140.00 Price Target at Canaccord Genuity Group

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective increased by Canaccord Genuity Group from $125.00 to $140.00 in a report issued on Wednesday, MarketBeat.com reports. The firm currently has a buy rating on the software maker’s stock.

A number of other equities analysts have also commented on SHOP. Mizuho raised their price target on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Robert W. Baird raised their target price on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Barclays boosted their price target on Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. New Street Research assumed coverage on Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective for the company. Finally, Loop Capital raised Shopify from a “hold” rating to a “buy” rating and increased their target price for the stock from $110.00 to $140.00 in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.21.

Shopify Trading Up 0.6 %

Shares of NYSE:SHOP opened at $128.36 on Wednesday. Shopify has a 12-month low of $48.56 and a 12-month high of $128.57. The business has a 50 day moving average of $111.70 and a 200-day moving average of $92.27. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a market cap of $165.85 billion, a PE ratio of 119.96, a P/E/G ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) 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, equities research analysts forecast that Shopify will post 0.91 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently made changes to their positions in SHOP. Blue Rock Wealth Management LLC acquired a new stake in Shopify during the 4th quarter valued at approximately $659,000. Mercer Global Advisors Inc. ADV increased its position in shares of Shopify by 2.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 49,442 shares of the software maker’s stock worth $5,257,000 after buying an additional 1,372 shares during the period. Keel Point LLC raised its stake in Shopify by 14.2% during the fourth quarter. Keel Point LLC now owns 3,020 shares of the software maker’s stock worth $321,000 after buying an additional 375 shares during the last quarter. Davidson Kahn Capital Management LLC acquired a new position in Shopify in the fourth quarter valued at $223,000. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in Shopify by 3.0% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,606,525 shares of the software maker’s stock valued at $170,889,000 after acquiring an additional 46,604 shares during the last quarter. 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.