Citigroup Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective increased by equities researchers at Citigroup from $143.00 to $175.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Citigroup’s target price suggests a potential upside of 45.28% from the stock’s previous close.

Several other analysts have also recently commented on the company. Truist Financial lifted their price target on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Barclays increased their price target on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. New Street Research began coverage on shares of Shopify in a research note on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective for the company. Wells Fargo & Company lifted their target price on Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Robert W. Baird raised their price objective on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $125.14.

Shopify Stock Performance

Shopify stock opened at $120.46 on Tuesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The company has a market capitalization of $155.65 billion, a price-to-earnings ratio of 112.58, a PEG 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. The stock has a fifty day moving average of $111.29 and a two-hundred day moving average of $91.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. On average, analysts anticipate that Shopify will post 0.91 EPS for the current fiscal year.

Institutional Trading of Shopify

Hedge funds have recently modified their holdings of the business. Allianz SE purchased a new stake in Shopify in the 4th quarter worth about $27,000. PFG Private Wealth Management LLC increased its stake in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after acquiring an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC raised its holdings in shares of Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares in the last quarter. Brooklyn Investment Group purchased a new position in Shopify in the third quarter valued at about $33,000. Finally, Rosenberg Matthew Hamilton raised its stake in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.