Shopify (NYSE:SHOP) Price Target Raised to $125.00 at Canaccord Genuity Group

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by Canaccord Genuity Group from $80.00 to $125.00 in a research report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

A number of other brokerages also recently issued reports on SHOP. Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target on the stock in a report on Tuesday, September 17th. Barclays increased their price target on Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Loop Capital boosted their price target on shares of Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Piper Sandler boosted their price objective on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Robert W. Baird increased their price objective on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Stock Performance

Shares of Shopify stock traded down $2.61 during midday trading on Wednesday, hitting $112.48. The company had a trading volume of 1,221,444 shares, compared to its average volume of 9,302,125. The stock has a market cap of $145.14 billion, a price-to-earnings ratio of 107.60, a PEG ratio of 3.64 and a beta of 2.36. Shopify has a 12-month low of $48.56 and a 12-month high of $115.62. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The company has a fifty day simple moving average of $80.36 and a 200 day simple moving average of $70.50.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.94%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. As a group, analysts predict that Shopify will post 0.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Large investors have recently made changes to their positions in the stock. Baillie Gifford & Co. grew its position in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the period. Capital World Investors grew its holdings in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. increased its position in shares of 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. FMR LLC raised its stake in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after buying an additional 5,869,795 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after acquiring an additional 5,982,434 shares during 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.