Brokerages Set Shopify Inc. (NYSE:SHOP) Target Price at $126.31

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) has earned an average rating of “Moderate Buy” from the forty research firms that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $126.31.

Several brokerages recently commented on SHOP. CIBC boosted their price target on Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Phillip Securities cut Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Morgan Stanley upped their target price on Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Piper Sandler upped their target price on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th.

Shopify Stock Performance

Shares of SHOP opened at $106.25 on Thursday. Shopify has a one year low of $48.56 and a one year high of $129.38. The stock has a market capitalization of $137.57 billion, a price-to-earnings ratio of 68.55, a PEG ratio of 4.82 and a beta of 2.47. The stock has a 50 day moving average price of $112.82 and a 200 day moving average price of $97.34.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued 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 return on equity of 12.00% and a net margin of 22.74%. On average, analysts predict that Shopify will post 1.12 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Several hedge funds have recently bought and sold shares of SHOP. Allianz SE acquired a new position in Shopify during the 4th quarter worth about $27,000. PFG Private Wealth Management LLC lifted its stake 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 worth $28,000 after acquiring an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new position in Shopify during the 4th quarter worth about $30,000. Mark Sheptoff Financial Planning LLC lifted its stake in 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 in the last quarter. Finally, Brooklyn Investment Group acquired a new stake in Shopify in the 3rd quarter valued at about $33,000. 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.