Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) had its price target hoisted by research analysts at Scotiabank from $70.00 to $80.00 in a research note issued to investors on Thursday, BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the software maker’s stock. Scotiabank’s price objective would suggest a potential upside of 7.44% from the company’s previous close.
Several other research firms also recently commented on SHOP. Citigroup raised shares of Shopify from a “neutral” rating to a “buy” rating and upped their price objective for the company from $93.00 to $105.00 in a report on Monday, April 29th. Piper Sandler restated an “underweight” rating and issued a $63.00 target price on shares of Shopify in a research note on Thursday, April 11th. DA Davidson lifted their price target on Shopify from $86.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Truist Financial raised their price objective on shares of Shopify from $65.00 to $90.00 and gave the stock a “hold” rating in a research note on Monday, February 12th. Finally, Wells Fargo & Company decreased their target price on shares of Shopify from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. Two analysts have rated the stock with a sell rating, eighteen have given a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $79.03.
Read Our Latest Research Report on Shopify
Shopify Stock Up 3.4 %
Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. On average, analysts forecast that Shopify will post 0.59 EPS for the current year.
Hedge Funds Weigh In On Shopify
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Shopify during the fourth quarter worth about $1,049,089,000. Capital World Investors grew its position in shares of 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 last quarter. Artisan Partners Limited Partnership raised its position in Shopify by 78.4% in the 3rd quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock valued at $262,462,000 after purchasing an additional 2,113,773 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in Shopify by 118.9% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,382,000 shares of the software maker’s stock worth $263,452,000 after purchasing an additional 1,837,000 shares during the last quarter. Finally, Baillie Gifford & Co. boosted its stake in shares of Shopify by 2.3% during the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after buying an additional 1,419,749 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.
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.
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