Shopify (NYSE:SHOP) Price Target Lowered to $63.00 at Barclays

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target reduced by equities research analysts at Barclays from $68.00 to $63.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the software maker’s stock. Barclays‘s price objective would indicate a potential upside of 0.67% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Scotiabank lifted their price objective on shares of Shopify from $70.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, May 2nd. Loop Capital cut their price target on Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Monday, April 15th. Benchmark restated a “hold” rating on shares of Shopify in a research note on Tuesday. Piper Sandler upgraded shares of Shopify from an “underweight” rating to a “neutral” rating and set a $63.00 target price for the company in a research report on Thursday. Finally, Wedbush reissued a “neutral” rating and set a $68.00 target price on shares of Shopify in a report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $77.89.

Shopify Stock Down 0.2 %

Shares of NYSE SHOP traded down $0.15 during midday trading on Thursday, reaching $62.58. 12,679,275 shares of the company’s stock were exchanged, compared to its average volume of 9,864,035. The stock has a market capitalization of $80.51 billion, a PE ratio of 692.44 and a beta of 2.20. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The business’s fifty day moving average price is $74.74 and its two-hundred day moving average price is $73.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted 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 company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. Analysts forecast that Shopify will post 0.59 EPS for the current year.

Institutional Investors Weigh In On Shopify

A number of hedge funds have recently bought and sold shares of SHOP. Wealth Management Partners LLC lifted its position in shares of Shopify by 0.9% during the 4th quarter. Wealth Management Partners LLC now owns 13,922 shares of the software maker’s stock worth $1,085,000 after purchasing an additional 126 shares during the last quarter. SJS Investment Consulting Inc. lifted its holdings in shares of Shopify by 59.1% during the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after buying an additional 130 shares during the last quarter. Tradition Wealth Management LLC boosted its position in shares of Shopify by 7.5% in the fourth quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after acquiring an additional 140 shares during the period. Pachira Investments Inc. grew its stake in shares of Shopify by 2.1% in the fourth quarter. Pachira Investments Inc. now owns 7,084 shares of the software maker’s stock worth $552,000 after acquiring an additional 146 shares during the last quarter. Finally, Baldwin Brothers LLC MA increased its position in Shopify by 49.0% during the fourth quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock worth $35,000 after acquiring an additional 147 shares during the period. 69.27% of the stock is currently owned by institutional investors.

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.