Shopify (NYSE:SHOP) Price Target Raised to $110.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target raised by Truist Financial from $65.00 to $110.00 in a research report released on Wednesday,Benzinga reports. They currently have a hold rating on the software maker’s stock.

A number of other research firms also recently issued reports on SHOP. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 price target on shares of Shopify in a research note on Monday, October 7th. Morgan Stanley upped their target price on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Wells Fargo & Company upped their price objective on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Argus raised Shopify to a “strong-buy” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Trading Down 0.6 %

Shopify stock opened at $108.48 on Wednesday. Shopify has a one year low of $48.56 and a one year high of $115.62. The business’s fifty day moving average is $81.97 and its 200 day moving average is $71.02. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.10 and a quick ratio of 7.32. The stock has a market capitalization of $139.98 billion, a PE ratio of 101.38, a price-to-earnings-growth ratio of 3.71 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Shopify had a return on equity of 11.60% and a net margin of 16.84%. On average, sell-side analysts predict that Shopify will post 0.76 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. GQG Partners LLC increased its holdings 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 purchasing an additional 13,885,473 shares during the period. Capital World Investors boosted its holdings in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares during the last quarter. Baillie Gifford & Co. grew its position in Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after buying an additional 5,982,434 shares during the last quarter. Finally, FMR LLC lifted its holdings 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 valued at $3,389,637,000 after buying an additional 5,869,795 shares during the period. Institutional investors and hedge funds 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.