Barclays Increases Shopify (NYSE:SHOP) Price Target to $100.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective upped by analysts at Barclays from $93.00 to $100.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the software maker’s stock. Barclays‘s price objective points to a potential downside of 16.46% from the company’s current price.

Several other research firms have also weighed in on SHOP. Citigroup lifted their target price on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday. Mizuho boosted their price target on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and boosted their price target for the stock from $110.00 to $140.00 in a report on Friday, December 6th. JPMorgan Chase & Co. boosted their price target on shares of Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Truist Financial boosted their price target on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $109.80.

Shopify Stock Performance

Shares of NYSE:SHOP traded down $3.89 during trading on Wednesday, hitting $119.70. 4,763,990 shares of the stock traded hands, compared to its average volume of 7,569,428. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a market cap of $154.67 billion, a price-to-earnings ratio of 111.87, a P/E/G ratio of 2.49 and a beta of 2.47. The company has a fifty day moving average price of $111.29 and a two-hundred day moving average price of $91.82. Shopify has a 52-week low of $48.56 and a 52-week high of $125.95.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. As a group, equities analysts predict that Shopify will post 0.91 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Jennison Associates LLC acquired a new position in Shopify in the fourth quarter valued at about $132,323,000. Swiss National Bank lifted its position in Shopify by 0.9% in the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after buying an additional 33,300 shares during the last quarter. Watts Gwilliam & Co. LLC lifted its position in Shopify by 53.0% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after buying an additional 4,641 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after purchasing an additional 77,500 shares during the period. Finally, Oppenheimer & Co. Inc. increased its stake in Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after purchasing an additional 7,027 shares during the period. Institutional investors and hedge funds 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.