Shopify (NYSE:SHOP) Given New $120.00 Price Target at Scotiabank

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective increased by Scotiabank from $115.00 to $120.00 in a research note released on Wednesday morning, Marketbeat.com reports. They currently have a sector perform rating on the software maker’s stock.

Several other brokerages have also recently weighed in on SHOP. KeyCorp raised their target price on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Robert W. Baird raised their price target on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Oppenheimer increased their price objective on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday. Mizuho raised their target price on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Finally, Wedbush restated an “outperform” rating and set a $125.00 price target on shares of Shopify in a report on Tuesday. One investment 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. According to MarketBeat, Shopify has an average rating of “Moderate Buy” and an average price target of $126.21.

Shopify Stock Up 0.6 %

NYSE:SHOP opened at $128.36 on Wednesday. The stock has a 50-day simple moving average of $111.70 and a 200 day simple moving average of $92.27. Shopify has a one year low of $48.56 and a one year high of $128.57. The company has a market capitalization of $165.85 billion, a price-to-earnings ratio of 119.96, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Shopify in the 4th quarter valued at $1,542,262,000. Baillie Gifford & Co. raised its position in shares of Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after purchasing an additional 7,316,862 shares in the last quarter. FMR LLC lifted its holdings in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares in the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after purchasing an additional 3,849,796 shares during the period. 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.