Loop Capital Cuts Shopify (NYSE:SHOP) Price Target to $80.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target reduced by Loop Capital from $90.00 to $80.00 in a report issued on Monday morning, Benzinga reports. Loop Capital currently has a hold rating on the software maker’s stock.

SHOP has been the subject of several other reports. Royal Bank of Canada restated an outperform rating and set a $100.00 price objective on shares of Shopify in a research report on Wednesday, February 14th. BNP Paribas downgraded Shopify from a neutral rating to an underperform rating in a report on Thursday, January 18th. Robert W. Baird boosted their price target on Shopify from $85.00 to $87.00 and gave the company an outperform rating in a report on Wednesday, April 3rd. UBS Group boosted their price target on Shopify from $75.00 to $80.00 and gave the company a neutral rating in a report on Wednesday, February 14th. Finally, CIBC boosted their price objective on shares of Shopify from $82.00 to $100.00 and gave the company an outperform rating in a research note on Wednesday, February 7th. Four equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $78.00.

Shopify Trading Up 1.1 %

Shares of Shopify stock opened at $69.43 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57. The company has a market capitalization of $89.33 billion, a P/E ratio of 771.53 and a beta of 2.22. The business has a 50 day moving average price of $77.14 and a 200 day moving average price of $71.75.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. Sell-side analysts anticipate that Shopify will post 0.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in Shopify during the fourth quarter worth about $1,049,089,000. Capital World Investors raised its stake in Shopify by 28.7% during the fourth quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after acquiring an additional 8,789,411 shares during the period. Nuveen Asset Management LLC acquired a new stake in Shopify during the fourth quarter worth about $432,659,000. Artisan Partners Limited Partnership raised its stake in Shopify by 78.4% during the third quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock worth $262,462,000 after acquiring an additional 2,113,773 shares during the period. Finally, Legal & General Group Plc raised its stake in Shopify by 30.2% during the fourth quarter. Legal & General Group Plc now owns 8,066,800 shares of the software maker’s stock worth $631,054,000 after acquiring an additional 1,870,515 shares during the period. Institutional investors and hedge funds 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.