Robert W. Baird Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective hoisted by investment analysts at Robert W. Baird from $90.00 to $126.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price objective indicates a potential upside of 15.51% from the stock’s current price.

Several other analysts have also issued reports on SHOP. JMP Securities restated a “market outperform” rating and set a $80.00 price target on shares of Shopify in a research report on Tuesday, September 10th. Citigroup increased their target price on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a report on Monday, September 30th. Truist Financial decreased their price target on Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Loop Capital increased their price objective on Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $67.00 target price on shares of Shopify in a research note on Thursday, August 29th. One 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Trading Down 5.2 %

Shares of SHOP stock opened at $109.08 on Wednesday. The business has a 50-day moving average price of $80.36 and a two-hundred day moving average price of $70.50. 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 firm has a market cap of $140.76 billion, a P/E ratio of 101.94, a price-to-earnings-growth ratio of 3.64 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. Shopify had a return on equity of 11.94% and a net margin of 16.84%. Equities analysts anticipate that Shopify will post 0.76 EPS for the current fiscal year.

Institutional Trading of Shopify

Several institutional investors have recently bought and sold shares of the company. Empowered Funds LLC increased its holdings in shares of Shopify by 15.4% in the 1st quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock worth $981,000 after purchasing an additional 1,694 shares in the last quarter. Bleakley Financial Group LLC raised its position in Shopify by 51.4% in the 1st quarter. Bleakley Financial Group LLC now owns 16,315 shares of the software maker’s stock worth $1,259,000 after buying an additional 5,537 shares during the last quarter. TBH Global Asset Management LLC lifted its stake in Shopify by 43.0% during the 1st quarter. TBH Global Asset Management LLC now owns 5,649 shares of the software maker’s stock valued at $436,000 after acquiring an additional 1,700 shares during the period. Kingsview Wealth Management LLC boosted its holdings in shares of Shopify by 1.4% during the 1st quarter. Kingsview Wealth Management LLC now owns 26,369 shares of the software maker’s stock valued at $2,035,000 after acquiring an additional 365 shares during the last quarter. Finally, Midwest Professional Planners LTD. grew its stake in shares of Shopify by 31.7% in the first quarter. Midwest Professional Planners LTD. now owns 4,842 shares of the software maker’s stock worth $374,000 after acquiring an additional 1,166 shares during the period. 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.