Shopify (NYSE:SHOP) Price Target Raised to $125.00 at Canaccord Genuity Group

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective raised by equities research analysts at Canaccord Genuity Group from $80.00 to $125.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 12.68% from the stock’s previous close.

Several other brokerages have also issued reports on SHOP. Wolfe Research assumed coverage on shares of Shopify in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price target for the company. Mizuho raised their price objective on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday. Citigroup raised their price objective on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, Benchmark restated a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $87.34.

Shopify Price Performance

Shares of NYSE:SHOP traded up $2.01 during trading on Wednesday, reaching $110.93. The company had a trading volume of 4,546,996 shares, compared to its average volume of 9,261,628. Shopify has a 12 month low of $48.56 and a 12 month high of $114.51. The stock has a market capitalization of $143.14 billion, a P/E ratio of 113.19, a price-to-earnings-growth ratio of 3.01 and a beta of 2.36. The company has a fifty day moving average of $79.47 and a two-hundred day moving average of $70.18. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.09. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. Equities research analysts forecast that Shopify will post 0.76 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Silvercrest Asset Management Group LLC boosted its stake in shares of Shopify by 735.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after acquiring an additional 46,589 shares during the last quarter. Baker Avenue Asset Management LP boosted its stake in shares of Shopify by 10.9% during the third quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock valued at $17,390,000 after acquiring an additional 21,265 shares during the last quarter. Atria Investments Inc boosted its stake in shares of Shopify by 16.8% during the third quarter. Atria Investments Inc now owns 158,383 shares of the software maker’s stock valued at $12,693,000 after acquiring an additional 22,832 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Shopify by 3.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock valued at $15,079,000 after acquiring an additional 7,009 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its stake in Shopify by 5.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after buying an additional 28,639 shares during the last quarter. Hedge funds and other institutional investors 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.