Shopify (NYSE:SHOP) Price Target Raised to $90.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price hoisted by Robert W. Baird from $79.00 to $90.00 in a research report report published on Wednesday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the software maker’s stock.

Several other equities analysts have also recently issued reports on SHOP. Evercore ISI upped their price objective on Shopify from $75.00 to $80.00 and gave the company an outperform rating in a research report on Thursday, August 8th. Royal Bank of Canada reaffirmed an outperform rating and set a $85.00 price objective on shares of Shopify in a research report on Thursday, August 8th. Barclays lifted their price objective on Shopify from $65.00 to $70.00 and gave the stock an equal weight rating in a report on Tuesday, October 1st. KeyCorp began coverage on shares of Shopify in a research note on Thursday, July 25th. They set an overweight rating and a $80.00 target price on the stock. Finally, Redburn Atlantic raised shares of Shopify from a neutral rating to a buy rating and set a $99.00 price objective for the company in a report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $78.97.

Shopify Stock Up 0.6 %

SHOP stock opened at $83.24 on Wednesday. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The business has a 50 day moving average of $74.19 and a 200 day moving average of $68.71. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. The firm has a market cap of $107.27 billion, a PE ratio of -489.65, a price-to-earnings-growth ratio of 2.79 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same period last year, the company earned ($0.08) earnings per share. The company’s revenue was up 20.7% on a year-over-year basis. On average, research analysts forecast that Shopify will post 0.76 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SHOP. Oliver Lagore Vanvalin Investment Group lifted its holdings in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the last quarter. Cultivar Capital Inc. bought a new stake in shares of Shopify during the second quarter worth $33,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of Shopify during the second quarter valued at $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Shopify in the second quarter worth about $39,000. Finally, Private Wealth Management Group LLC increased its stake in Shopify by 53.3% in the 1st quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock worth $40,000 after buying an additional 180 shares during the period. 69.27% of the stock is 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.