Shopify (NYSE:SHOP) Price Target Raised to $130.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price raised by TD Securities from $100.00 to $130.00 in a research report sent to investors on Wednesday morning,BayStreet.CA reports. TD Securities currently has a hold rating on the software maker’s stock.

A number of other brokerages also recently weighed in on SHOP. Cantor Fitzgerald reissued a “neutral” rating and issued a $120.00 price target on shares of Shopify in a report on Wednesday. Morgan Stanley lifted their target price on Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday. KeyCorp upped their price target on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Truist Financial lifted their price objective on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday. Finally, JMP Securities restated a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $126.21.

Shopify Trading Up 0.6 %

Shopify stock opened at $128.36 on Wednesday. Shopify has a 52 week low of $48.56 and a 52 week high of $128.57. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The firm has a market capitalization of $165.85 billion, a PE ratio of 119.96, a PEG ratio of 2.49 and a beta of 2.47. The business’s 50-day simple moving average is $111.70 and its 200-day simple moving average is $92.27.

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

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Shopify in the 4th quarter valued at about $1,542,262,000. Baillie Gifford & Co. boosted its stake in Shopify by 14.7% in 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 acquiring an additional 8,131,160 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after acquiring an additional 7,316,862 shares during the period. FMR LLC raised its position in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after acquiring an additional 5,869,795 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after purchasing an additional 3,849,796 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.