Shopify (NYSE:SHOP) Price Target Lowered to $55.00 at Truist Financial

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lowered by Truist Financial from $65.00 to $55.00 in a research report report published on Tuesday, MarketBeat.com reports. The firm currently has a hold rating on the software maker’s stock.

SHOP has been the topic of several other reports. Needham & Company LLC reissued a hold rating on shares of Shopify in a research report on Thursday, May 9th. StockNews.com raised Shopify from a sell rating to a hold rating in a research report on Wednesday, April 24th. TD Securities dropped their target price on Shopify from $80.00 to $72.00 and set a hold rating on the stock in a research report on Thursday, May 9th. CIBC dropped their target price on Shopify from $100.00 to $85.00 and set an outperformer rating on the stock in a research report on Thursday, May 9th. Finally, Barclays dropped their target price on Shopify from $68.00 to $63.00 and set an equal weight rating on the stock in a research report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $77.24.

Shopify Trading Up 1.1 %

Shares of SHOP stock traded up $0.75 during mid-day trading on Tuesday, hitting $69.30. 10,931,244 shares of the company’s stock were exchanged, compared to its average volume of 10,422,090. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The stock has a 50-day simple moving average of $63.43 and a two-hundred day simple moving average of $69.96. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The stock has a market cap of $89.31 billion, a price-to-earnings ratio of -407.65, a PEG ratio of 3.14 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter last year, the firm earned ($0.08) earnings per share. The business’s revenue was up 20.7% on a year-over-year basis. Equities analysts expect that Shopify will post 0.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several institutional investors and hedge funds have recently modified their holdings of the stock. Wealth Alliance grew its holdings in shares of Shopify by 26.2% during the 2nd quarter. Wealth Alliance now owns 6,972 shares of the software maker’s stock valued at $461,000 after acquiring an additional 1,448 shares in the last quarter. L & S Advisors Inc purchased a new position in shares of Shopify during the 2nd quarter valued at $304,000. Axxcess Wealth Management LLC grew its holdings in shares of Shopify by 15.1% during the 2nd quarter. Axxcess Wealth Management LLC now owns 12,469 shares of the software maker’s stock valued at $824,000 after acquiring an additional 1,633 shares in the last quarter. Abbot Financial Management Inc. grew its holdings in shares of Shopify by 43.8% during the 2nd quarter. Abbot Financial Management Inc. now owns 11,404 shares of the software maker’s stock valued at $753,000 after acquiring an additional 3,472 shares in the last quarter. Finally, Citizens Financial Group Inc. RI purchased a new position in shares of Shopify during the 2nd quarter valued at $2,781,000. 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.