Shopify (NYSE:SHOP) Price Target Raised to $135.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective boosted by Wells Fargo & Company from $120.00 to $135.00 in a research note released on Wednesday morning,BayStreet.CA reports. The firm currently has an overweight rating on the software maker’s stock.

A number of other analysts have also issued reports on SHOP. JPMorgan Chase & Co. raised their target price on shares of Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a research report on Wednesday. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Mizuho increased their target price on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Truist Financial lifted their price target on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday. Finally, ATB Capital increased their price objective on shares of Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $126.21.

Shopify Price Performance

SHOP stock opened at $128.36 on Wednesday. The stock’s 50 day moving average price is $111.70 and its 200 day moving average price is $92.27. The firm has a market cap of $165.85 billion, a P/E ratio of 119.96, a PEG ratio of 2.49 and a beta of 2.47. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. Shopify has a 1 year low of $48.56 and a 1 year high of $128.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. On average, sell-side analysts expect that Shopify will post 0.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Institutional investors have recently modified their holdings of the stock. Baillie Gifford & Co. raised its stake in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying an additional 8,131,160 shares in the last quarter. Capital World Investors raised its position in shares of Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock valued at $5,646,455,000 after acquiring an additional 496,982 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Shopify by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after acquiring an additional 781,162 shares in the last quarter. FMR LLC increased its stake in Shopify by 3.4% during the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock valued at $4,653,054,000 after purchasing an additional 1,426,000 shares during the last quarter. Finally, Capital International Investors raised its holdings in shares of Shopify by 2.7% during the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock worth $3,883,039,000 after purchasing an additional 968,026 shares during the period. Institutional investors and hedge funds 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.