Shopify (NYSE:SHOP) Price Target Cut to $84.00 by Analysts at DA Davidson

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price dropped by equities research analysts at DA Davidson from $90.00 to $84.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. DA Davidson’s price target indicates a potential upside of 34.53% from the company’s current price.

A number of other research analysts have also commented on SHOP. The Goldman Sachs Group cut their price objective on shares of Shopify from $75.00 to $67.00 and set a “neutral” rating for the company in a research report on Thursday. JMP Securities raised shares of Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research note on Thursday. Wedbush reaffirmed a “neutral” rating and set a $68.00 price objective on shares of Shopify in a research note on Tuesday, February 13th. Wells Fargo & Company decreased their price target on shares of Shopify from $85.00 to $75.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, TD Securities decreased their price objective on Shopify from $80.00 to $72.00 and set a “hold” rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $76.67.

Shopify Price Performance

NYSE:SHOP traded down $0.29 during midday trading on Thursday, hitting $62.44. 16,810,551 shares of the stock were exchanged, compared to its average volume of 9,905,413. The company has a market capitalization of $80.33 billion, a price-to-earnings ratio of 693.78 and a beta of 2.20. Shopify has a one year low of $45.50 and a one year high of $91.57. The business has a 50-day moving average price of $74.74 and a two-hundred day moving average price of $73.78. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. Sell-side analysts predict that Shopify will post 0.59 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Advisor Partners II LLC raised its holdings in shares of Shopify by 11.2% during the 3rd quarter. Advisor Partners II LLC now owns 21,260 shares of the software maker’s stock valued at $1,160,000 after buying an additional 2,136 shares in the last quarter. Portside Wealth Group LLC raised its holdings in shares of Shopify by 15.4% during the 3rd quarter. Portside Wealth Group LLC now owns 9,283 shares of the software maker’s stock valued at $507,000 after buying an additional 1,240 shares in the last quarter. Financial Advocates Investment Management raised its holdings in shares of Shopify by 2.9% during the 3rd quarter. Financial Advocates Investment Management now owns 47,076 shares of the software maker’s stock valued at $2,569,000 after buying an additional 1,316 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Shopify by 16.0% during the 3rd quarter. Assetmark Inc. now owns 40,636 shares of the software maker’s stock valued at $2,218,000 after buying an additional 5,611 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Shopify by 68,983.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 186,526 shares of the software maker’s stock valued at $10,179,000 after buying an additional 186,256 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

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.