Shopify (NYSE:SHOP) Price Target Increased to $80.00 by Analysts at Scotiabank

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective hoisted by Scotiabank from $75.00 to $80.00 in a report published on Thursday, Marketbeat.com reports. They currently have a sector perform rating on the software maker’s stock.

Several other analysts have also recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Deutsche Bank Aktiengesellschaft upped their target price on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Evercore boosted their price objective on Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Wells Fargo & Company boosted their target price on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, September 11th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Shopify in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.49.

Shopify Price Performance

Shares of SHOP traded up $1.01 during trading hours on Thursday, reaching $80.83. 454,404 shares of the stock traded hands, compared to its average volume of 9,159,900. The company has a market cap of $104.16 billion, a P/E ratio of -469.56, a price-to-earnings-growth ratio of 2.73 and a beta of 2.36. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The company’s 50-day moving average price is $76.94 and its two-hundred day moving average price is $69.00. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.08) earnings per share. On average, analysts anticipate that Shopify will post 0.76 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

A number of institutional investors have recently modified their holdings of SHOP. Norden Group LLC purchased a new position in Shopify during the first quarter valued at approximately $3,618,000. Silvercrest Asset Management Group LLC increased its holdings in shares of Shopify by 735.0% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after purchasing an additional 46,589 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Shopify by 5.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after buying an additional 28,639 shares in the last quarter. Clearbridge Investments LLC grew its position in Shopify by 54.2% during the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after buying an additional 1,657,251 shares during the period. Finally, Vanguard Group Inc. increased its holdings in Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after buying an additional 713,064 shares in the last quarter. Hedge funds and other institutional investors 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.