The Goldman Sachs Group Increases Shopify (NYSE:SHOP) Price Target to $150.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by analysts at The Goldman Sachs Group from $135.00 to $150.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 24.53% from the company’s current price.

A number of other research firms have also issued reports on SHOP. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $120.00 target price on shares of Shopify in a report on Wednesday. Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and raised their price objective for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. Mizuho upped their target price on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. KeyCorp raised their price target on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a report on Monday. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.37.

Shopify Stock Down 2.5 %

SHOP traded down $3.14 during midday trading on Wednesday, hitting $120.46. 6,059,520 shares of the company’s stock traded hands, compared to its average volume of 7,634,922. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The company has a market cap of $155.64 billion, a PE ratio of 112.58, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. Shopify has a one year low of $48.56 and a one year high of $125.95. The stock’s fifty day simple moving average is $111.29 and its 200-day simple moving average is $91.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data 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 analysts anticipate that Shopify will post 0.91 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Institutional investors have recently bought and sold shares of the company. Jennison Associates LLC acquired a new stake in Shopify in the fourth quarter valued at approximately $132,323,000. Swiss National Bank lifted its holdings in shares of Shopify by 0.9% in the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after purchasing an additional 33,300 shares in the last quarter. Watts Gwilliam & Co. LLC grew its position in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after purchasing an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky raised its holdings in Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after buying an additional 77,500 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in shares of Shopify by 26.4% in the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after buying an additional 7,027 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

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.