Robert W. Baird Raises Shopify (NYSE:SHOP) Price Target to $590.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by stock analysts at Robert W. Baird from $465.00 to $590.00 in a research report issued on Thursday, BenzingaRatingsTable reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s target price suggests a potential upside of 11.06% from the stock’s previous close.

SHOP has been the topic of a number of other reports. National Bank Financial boosted their price target on shares of Shopify from $450.00 to $500.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 28th. Roth Capital boosted their price target on shares of Shopify from $330.00 to $390.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. Rosenblatt Securities restated a “buy” rating and set a $630.00 price target (up from $481.00) on shares of Shopify in a research report on Thursday. Raymond James restated an “outperform” rating and set a $600.00 price target (up from $365.00) on shares of Shopify in a research report on Wednesday. Finally, Barclays restated a “hold” rating and set a $420.00 price target on shares of Shopify in a research report on Sunday, January 26th. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and fourteen have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $432.25.

Shares of NYSE SHOP opened at $531.25 on Thursday. The company’s 50-day simple moving average is $446.48 and its 200-day simple moving average is $367.68. Shopify has a 52-week low of $169.56 and a 52-week high of $593.89. The firm has a market cap of $56.71 billion, a price-to-earnings ratio of -470.13 and a beta of 1.19. The company has a quick ratio of 11.21, a current ratio of 11.21 and a debt-to-equity ratio of 0.04.

Institutional investors have recently added to or reduced their stakes in the company. Pacifica Partners Inc. purchased a new stake in shares of Shopify in the 4th quarter valued at approximately $29,000. Sugarloaf Wealth Management LLC purchased a new stake in shares of Shopify in the 4th quarter valued at approximately $34,000. PSI Advisors LLC purchased a new stake in shares of Shopify in the 4th quarter valued at approximately $39,000. Gs Investments Inc. raised its stake in shares of Shopify by 178.6% in the 3rd quarter. Gs Investments Inc. now owns 117 shares of the software maker’s stock valued at $36,000 after acquiring an additional 75 shares during the period. Finally, Carroll Financial Associates Inc. raised its stake in shares of Shopify by 294.1% in the 4th quarter. Carroll Financial Associates Inc. now owns 134 shares of the software maker’s stock valued at $53,000 after acquiring an additional 100 shares during the period. 57.36% of the stock is currently owned by institutional investors and hedge funds.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Analyst Recommendations for Shopify (NYSE:SHOP)

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