Shopify (NYSE:SHOP) Given New $125.00 Price Target at Royal Bank of Canada

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective reduced by Royal Bank of Canada from $145.00 to $125.00 in a research note released on Thursday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the software maker’s stock.

Other analysts have also issued research reports about the company. Scotiabank increased their price objective on Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. Barclays increased their price target on Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. Wells Fargo & Company boosted their price target on Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research report on Monday, February 10th. Finally, Canaccord Genuity Group upped their price target on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $120.94.

Shopify Price Performance

Shares of SHOP stock opened at $83.65 on Thursday. The stock’s 50-day moving average is $101.26 and its 200 day moving average is $101.43. Shopify has a 1-year low of $48.56 and a 1-year high of $129.38. The company has a market cap of $108.31 billion, a P/E ratio of 53.97, a PEG ratio of 4.82 and a beta of 2.82.

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 analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, analysts anticipate that Shopify will post 1.12 EPS for the current year.

Institutional Trading of Shopify

Several large investors have recently made changes to their positions in SHOP. Norges Bank acquired a new stake in Shopify during the 4th quarter worth $1,542,262,000. 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. Alliancebernstein L.P. boosted its position in Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock worth $474,187,000 after acquiring an additional 3,849,796 shares during the last quarter. Marshall Wace LLP grew its stake in Shopify by 623.8% during the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock valued at $198,932,000 after acquiring an additional 2,228,091 shares in the last quarter. Finally, Durable Capital Partners LP raised its holdings in Shopify by 86.9% in the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker’s stock valued at $420,041,000 after acquiring an additional 1,836,294 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.