Shopify (NYSE:SHOP) Price Target Increased to $80.00 by Analysts at Scotiabank

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price upped by research analysts at Scotiabank from $75.00 to $80.00 in a report released on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the software maker’s stock. Scotiabank’s target price points to a potential upside of 0.78% from the stock’s current price.

Several other equities research analysts have also commented on SHOP. Evercore upped their price target on Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Cantor Fitzgerald reissued a “neutral” rating and set a $70.00 price target on shares of Shopify in a research report on Monday, October 7th. Deutsche Bank Aktiengesellschaft upped their price objective on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Citigroup lifted their price target on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a report on Monday, September 30th. Finally, Roth Mkm upped their price objective on Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $79.49.

Shopify Trading Down 0.4 %

NYSE:SHOP traded down $0.28 during mid-day trading on Thursday, reaching $79.38. The company’s stock had a trading volume of 1,508,897 shares, compared to its average volume of 9,190,158. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. The company’s fifty day simple moving average is $76.94 and its two-hundred day simple moving average is $69.00. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The stock has a market cap of $102.30 billion, a P/E ratio of 81.00, a P/E/G ratio of 2.73 and a beta of 2.36.

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

Institutional Trading of Shopify

Several large investors have recently added to or reduced their stakes in the business. GQG Partners LLC lifted its stake in shares of Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after buying an additional 13,885,473 shares during the period. Capital World Investors lifted its position in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after purchasing an additional 10,340,040 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after buying an additional 5,982,434 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Shopify by 49.9% in the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after buying an additional 2,102,939 shares during the period. Finally, Toronto Dominion Bank increased its holdings in Shopify by 214.5% in the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after buying an additional 1,983,996 shares during the period. 69.27% of the stock is owned by institutional investors.

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.