Mizuho Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by equities research analysts at Mizuho from $68.00 to $105.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Mizuho’s price objective would indicate a potential downside of 3.74% from the stock’s current price.

Several other research firms have also recently issued reports on SHOP. Wells Fargo & Company upped their price objective on Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, September 11th. Loop Capital increased their price objective on Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price on the stock in a research note on Tuesday, September 17th. Finally, Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $78.00 to $82.00 in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $94.95.

Shopify Trading Down 5.2 %

NYSE SHOP opened at $109.08 on Wednesday. Shopify has a 12 month low of $48.56 and a 12 month high of $115.62. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock’s fifty day moving average price is $80.36 and its 200-day moving average price is $70.50. The stock has a market cap of $140.76 billion, a P/E ratio of 101.94, a P/E/G ratio of 3.71 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.18 by $0.09. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.11 billion. Shopify had a net margin of 16.84% and a return on equity of 11.60%. As a group, equities analysts forecast that Shopify will post 0.76 EPS for the current fiscal year.

Institutional Trading of Shopify

Several hedge funds have recently modified their holdings of the company. GQG Partners LLC grew its holdings in shares of Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after purchasing an additional 13,885,473 shares in the last quarter. Capital World Investors grew its stake in shares of Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after buying an additional 10,340,040 shares in the last quarter. Baillie Gifford & Co. increased its holdings in shares of Shopify by 14.7% in the 3rd 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 last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 worth $2,642,265,000 after buying an additional 5,982,434 shares during the last quarter. Finally, FMR LLC lifted its holdings in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after acquiring an additional 5,869,795 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other 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.