JPMorgan Chase & Co. Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price upped by equities research analysts at JPMorgan Chase & Co. from $121.00 to $124.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the software maker’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 4.20% from the company’s previous close.

SHOP has been the subject of several other reports. Robert W. Baird raised their target price on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. New Street Research initiated coverage on shares of Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective on the stock. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and increased their target price for the company from $110.00 to $140.00 in a research report on Friday, December 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. Finally, Wells Fargo & Company increased their price objective on Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $109.60.

Shopify Stock Down 3.7 %

SHOP stock traded down $4.59 during mid-day trading on Wednesday, reaching $119.00. 3,587,609 shares of the company traded hands, compared to its average volume of 7,508,862. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm’s 50 day moving average price is $111.29 and its 200 day moving average price is $91.82. The stock has a market cap of $153.76 billion, a price-to-earnings ratio of 111.22, a P/E/G ratio of 2.49 and a beta of 2.47. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $125.95.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. As a group, equities research analysts predict that Shopify will post 0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

A number of institutional investors have recently bought and sold shares of SHOP. Norges Bank bought a new stake in shares of Shopify during the 4th quarter valued at $1,542,262,000. Baillie Gifford & Co. increased its stake in shares of Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares in the last quarter. FMR LLC grew its stake in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after buying an additional 5,869,795 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Shopify by 30.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after buying an additional 1,647,374 shares during the last quarter. Finally, National Bank of Canada FI grew its stake in shares of Shopify by 28.0% in the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after acquiring an additional 1,621,981 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.