Truist Financial Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by Truist Financial from $110.00 to $120.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a hold rating on the software maker’s stock.

Several other research firms have also recently issued reports on SHOP. Royal Bank of Canada increased their target price on shares of Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a research note on Wednesday. Oppenheimer increased their price objective on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Wednesday. Scotiabank boosted their target price on Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research report on Wednesday. KeyCorp raised their price target on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group lifted their price target on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday. One investment 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. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $125.14.

Shopify Trading Down 2.5 %

Shares of Shopify stock opened at $120.46 on Wednesday. The stock’s 50-day simple moving average is $111.29 and its 200 day simple moving average is $91.82. Shopify has a 52-week low of $48.56 and a 52-week 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 stock has a market capitalization of $155.65 billion, a P/E ratio of 112.58, a P/E/G ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, research analysts anticipate that Shopify will post 0.91 EPS for the current year.

Institutional Investors Weigh In On Shopify

Institutional investors and hedge funds have recently modified their holdings of the stock. Prudential PLC increased its holdings in Shopify by 16.1% in the 4th quarter. Prudential PLC now owns 201,894 shares of the software maker’s stock valued at $21,461,000 after acquiring an additional 28,026 shares during the last quarter. Resolute Advisors LLC grew its position in shares of Shopify by 1.9% during the fourth quarter. Resolute Advisors LLC now owns 43,150 shares of the software maker’s stock valued at $4,588,000 after purchasing an additional 820 shares in the last quarter. Uniting Wealth Partners LLC purchased a new position in shares of Shopify during the fourth quarter valued at about $319,000. Grant Private Wealth Management Inc bought a new stake in shares of Shopify in the fourth quarter worth about $1,116,000. Finally, Spahn Wealth & Retirement LLC purchased a new stake in shares of Shopify in the fourth quarter worth about $746,000. 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.