Scotiabank Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by analysts at Scotiabank from $115.00 to $120.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the software maker’s stock. Scotiabank’s price target would suggest a potential upside of 0.15% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. Citigroup increased their price target on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday. Piper Sandler raised their price target on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday. Evercore ISI boosted their price target on shares of Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and set a $130.00 price objective on shares of Shopify in a research report on Wednesday, January 22nd. Finally, JMP Securities restated a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, fourteen have given 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.com, the company has an average rating of “Moderate Buy” and an average price target of $110.94.

Shopify Price Performance

Shares of SHOP traded down $3.77 during trading hours on Wednesday, reaching $119.82. The stock had a trading volume of 5,562,427 shares, compared to its average volume of 7,623,509. The stock has a market capitalization of $154.82 billion, a PE ratio of 111.63, a PEG ratio of 2.49 and a beta of 2.47. Shopify has a 12 month low of $48.56 and a 12 month high of $125.95. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The company’s 50-day moving average is $111.29 and its two-hundred day moving average is $91.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly 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 return on equity of 11.60% and a net margin of 16.84%. Research analysts expect that Shopify will post 0.91 EPS for the current year.

Hedge Funds Weigh In On Shopify

Several institutional investors have recently added to or reduced their stakes in SHOP. Baillie Gifford & Co. boosted its stake in Shopify by 14.7% in 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 acquiring an additional 8,131,160 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Shopify by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock worth $5,010,721,000 after purchasing an additional 781,162 shares during the period. FMR LLC lifted its stake in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. Norges Bank purchased a new position in Shopify in the fourth quarter valued at approximately $1,542,262,000. Finally, The Manufacturers Life Insurance Company grew its holdings in Shopify by 6.3% during the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after purchasing an additional 484,561 shares during the period. 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.