Shopify (NYSE:SHOP) Price Target Cut to $84.00 by Analysts at DA Davidson

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lowered by equities research analysts at DA Davidson from $90.00 to $84.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. DA Davidson’s price objective would indicate a potential upside of 34.53% from the company’s previous close.

Several other equities analysts have also recently issued reports on SHOP. Citigroup upgraded Shopify from a “neutral” rating to a “buy” rating and boosted their price target for the company from $93.00 to $105.00 in a research report on Monday, April 29th. TD Securities lowered their price objective on Shopify from $80.00 to $72.00 and set a “hold” rating on the stock in a report on Thursday. Mizuho lowered their price objective on Shopify from $75.00 to $65.00 and set a “neutral” rating on the stock in a report on Thursday. Deutsche Bank Aktiengesellschaft decreased their price target on Shopify from $95.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, StockNews.com raised Shopify from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $76.67.

Shopify Stock Performance

Shares of SHOP traded down $0.29 during midday trading on Thursday, reaching $62.44. 16,810,551 shares of the stock were exchanged, compared to its average volume of 9,905,413. The business’s 50-day moving average price is $74.74 and its 200 day moving average price is $73.78. 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 twelve month low of $45.50 and a twelve month high of $91.57. The company has a market capitalization of $80.33 billion, a price-to-earnings ratio of 693.78 and a beta of 2.20.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, topping 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 analysts’ expectations of $2.07 billion. On average, sell-side analysts expect that Shopify will post 0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. lifted its position in Shopify by 2.3% during the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after acquiring an additional 1,419,749 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Shopify by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock worth $3,284,910,000 after purchasing an additional 1,242,067 shares during the period. Capital World Investors increased its holdings in shares of Shopify by 28.7% during the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after purchasing an additional 8,789,411 shares during the period. Capital International Investors increased its holdings in shares of Shopify by 9.7% during the 4th quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock worth $1,235,534,000 after purchasing an additional 1,399,562 shares during the period. Finally, Norges Bank bought a new position in shares of Shopify during the 4th quarter worth about $1,049,089,000. 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.