Roth Mkm Raises Shopify (NYSE:SHOP) Price Target to $79.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by Roth Mkm from $77.00 to $79.00 in a research note published on Thursday, Benzinga reports. Roth Mkm currently has a buy rating on the software maker’s stock.

A number of other research firms also recently weighed in on SHOP. Robert W. Baird lowered their price target on Shopify from $87.00 to $77.00 and set an outperform rating on the stock in a research report on Thursday, May 9th. Morgan Stanley raised their price target on Shopify from $80.00 to $85.00 and gave the company an overweight rating in a research report on Thursday. Atb Cap Markets upgraded Shopify from a sector perform rating to an outperform rating in a report on Wednesday, May 8th. Loop Capital decreased their price objective on Shopify from $90.00 to $80.00 and set a hold rating on the stock in a report on Monday, April 15th. Finally, Mizuho decreased their price objective on Shopify from $75.00 to $65.00 and set a neutral rating on the stock in a 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. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $77.24.

Shopify Price Performance

NYSE SHOP traded up $0.75 during trading hours on Thursday, reaching $69.30. 10,931,244 shares of the stock traded hands, compared to its average volume of 10,422,090. The stock has a 50 day simple moving average of $63.43 and a two-hundred day simple moving average of $69.89. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. The company has a market cap of $89.31 billion, a price-to-earnings ratio of -407.65, a price-to-earnings-growth ratio of 3.14 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $2.01 billion. During the same quarter last year, the business posted ($0.08) earnings per share. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. On average, analysts predict that Shopify will post 0.62 EPS for the current fiscal year.

Institutional Trading of Shopify

A number of hedge funds have recently made changes to their positions in SHOP. GQG Partners LLC boosted its position in shares of Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares in the last quarter. Norges Bank purchased a new position in Shopify in the 4th quarter worth approximately $1,049,089,000. Capital World Investors raised its holdings in Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after acquiring an additional 5,982,434 shares during the last quarter. Finally, Toronto Dominion Bank raised its holdings in Shopify by 214.5% in the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after acquiring an additional 1,983,996 shares during the last quarter. 69.27% of the stock is owned by 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.