Shopify (NYSE:SHOP) Given New $1,750.00 Price Target at Roth Capital

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by equities researchers at Roth Capital from $1,530.00 to $1,750.00 in a report released on Thursday, The Fly reports. The brokerage currently has a “buy” rating on the software maker’s stock. Roth Capital’s target price indicates a potential upside of 9.36% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the stock. Morgan Stanley raised their price objective on shares of Shopify from $1,300.00 to $1,400.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 29th. Loop Capital lifted their price target on shares of Shopify from $1,400.00 to $1,600.00 and gave the company a “buy” rating in a research note on Wednesday, June 30th. Barclays lifted their price target on shares of Shopify from $1,340.00 to $1,700.00 and gave the company an “equal weight” rating in a research note on Monday, June 28th. Robert W. Baird dropped their price target on shares of Shopify from $1,600.00 to $1,550.00 in a research note on Friday, April 23rd. Finally, TheStreet raised shares of Shopify from a “c” rating to a “b-” rating in a research note on Monday, May 3rd. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $1,486.50.

SHOP opened at $1,600.27 on Thursday. Shopify has a 12-month low of $839.40 and a 12-month high of $1,587.74. The company has a quick ratio of 17.13, a current ratio of 17.13 and a debt-to-equity ratio of 0.10. The stock has a market cap of $198.96 billion, a price-to-earnings ratio of 124.21, a PEG ratio of 39.97 and a beta of 1.45. The stock’s 50 day simple moving average is $1,351.98.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, April 28th. The software maker reported $2.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $1.27. The company had revenue of $988.70 million during the quarter, compared to analyst estimates of $851.43 million. Shopify had a net margin of 46.67% and a return on equity of 6.52%. Shopify’s revenue for the quarter was up 110.4% compared to the same quarter last year. During the same period last year, the firm posted $0.19 EPS. As a group, equities research analysts anticipate that Shopify will post 1.53 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Welch & Forbes LLC lifted its stake in Shopify by 39.2% in the second quarter. Welch & Forbes LLC now owns 1,632 shares of the software maker’s stock valued at $2,384,000 after buying an additional 460 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co lifted its stake in Shopify by 1.9% in the second quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 373 shares of the software maker’s stock valued at $546,000 after buying an additional 7 shares during the last quarter. Jeppson Wealth Management LLC lifted its stake in Shopify by 12.0% in the second quarter. Jeppson Wealth Management LLC now owns 775 shares of the software maker’s stock valued at $1,132,000 after buying an additional 83 shares during the last quarter. Pachira Investments Inc. purchased a new stake in Shopify in the second quarter valued at approximately $222,000. Finally, Transform Wealth LLC purchased a new stake in Shopify in the second quarter valued at approximately $263,000. 58.99% of the stock is owned by hedge funds and other institutional investors.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, the United Kingdom, Australia, Latin America, and internationally. The company's platform provides merchants to run their business in 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, and access financing.

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