The Goldman Sachs Group Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective raised by The Goldman Sachs Group from $135.00 to $150.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

Other equities research analysts have also recently issued reports about the company. Truist Financial increased their price target on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. New Street Research started coverage on shares of Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price for the company. Cantor Fitzgerald restated a “neutral” rating and set a $120.00 price target on shares of Shopify in a research note on Wednesday. KeyCorp lifted their price objective on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a report on Monday. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $125.14.

Shopify Stock Down 2.5 %

Shares of Shopify stock opened at $120.46 on Wednesday. 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 $155.65 billion, a P/E ratio of 112.58, a PEG ratio of 2.49 and a beta of 2.47. The firm’s 50 day moving average price is $111.29 and its 200-day moving average price is $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 released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) 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%. On average, sell-side analysts predict that Shopify will post 0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Baillie Gifford & Co. raised its stake in Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Shopify by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock worth $5,010,721,000 after buying an additional 781,162 shares in the last quarter. FMR LLC raised its position in shares of 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 buying an additional 5,869,795 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after buying an additional 7,316,862 shares in the last quarter. Finally, Norges Bank acquired a new position in Shopify during the fourth quarter worth about $1,542,262,000. Hedge funds and other 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.