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

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target boosted by research analysts at Robert W. Baird from $126.00 to $135.00 in a report issued on Wednesday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price target would suggest a potential upside of 10.43% from the company’s current price.

A number of other equities analysts also recently commented on the stock. Truist Financial lifted their target price on shares of Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday. Canaccord Genuity Group boosted their price target on shares of Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday. Cantor Fitzgerald restated a “neutral” rating and issued a $120.00 target price on shares of Shopify in a report on Wednesday. UBS Group increased their price target on shares of Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $125.14.

Shopify Trading Down 1.1 %

Shares of NYSE SHOP traded down $1.34 during mid-day trading on Wednesday, reaching $122.25. The company had a trading volume of 8,897,011 shares, compared to its average volume of 7,737,990. The business’s 50-day moving average is $111.29 and its 200-day moving average is $91.82. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a market cap of $157.96 billion, a price-to-earnings ratio of 114.25, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. Shopify has a 52 week low of $48.56 and a 52 week high of $125.95.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS 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%. Equities analysts expect that Shopify will post 0.91 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Allianz SE purchased a new position in Shopify during the fourth quarter worth about $27,000. PFG Private Wealth Management LLC increased its holdings in Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the period. Mark Sheptoff Financial Planning LLC grew its holdings in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares during the period. New Wave Wealth Advisors LLC purchased a new stake in shares of Shopify in the 4th quarter worth approximately $39,000. Finally, Mather Group LLC. grew its stake in shares of Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after buying an additional 184 shares during the last quarter. Institutional investors 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.