Mizuho Issues Pessimistic Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price cut by research analysts at Mizuho from $110.00 to $85.00 in a report released on Monday,Briefing.com Automated Import reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Mizuho’s target price points to a potential upside of 0.41% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada set a $145.00 price objective on shares of Shopify and gave the stock an “outperform” rating in a research note on Friday, March 21st. Canaccord Genuity Group increased their target price on Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Phillip Securities lowered shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a research report on Monday, February 10th. Finally, Evercore ISI lifted their price target on Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $125.74.

Shopify Price Performance

SHOP traded up $0.94 during trading hours on Monday, reaching $84.65. 4,229,592 shares of the stock traded hands, compared to its average volume of 10,151,034. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The company has a market cap of $109.61 billion, a price-to-earnings ratio of 54.61, a PEG ratio of 4.82 and a beta of 2.82. The firm’s fifty day simple moving average is $104.13 and its two-hundred day simple moving average is $101.62.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted 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 22.74% and a return on equity of 12.00%. On average, research analysts predict that Shopify will post 1.12 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Hedge funds have recently added to or reduced their stakes in the business. Jennison Associates LLC bought a new position in shares of Shopify in the 4th quarter worth about $132,323,000. Watts Gwilliam & Co. LLC boosted its position in Shopify by 53.0% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after purchasing an additional 4,641 shares during the period. Synovus Financial Corp bought a new position in Shopify in the 3rd quarter worth about $481,000. Western Financial Corp CA acquired a new position in Shopify during the 4th quarter valued at about $239,000. Finally, Kessler Investment Group LLC acquired a new stake in Shopify in the fourth quarter worth approximately $6,105,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.