Shopify Inc. (NYSE:SHOP) Receives $76.39 Average Price Target from Analysts

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have been given a consensus recommendation of “Moderate Buy” by the thirty-seven research firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, fifteen have given a hold recommendation and twenty-one have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $76.42.

A number of research analysts recently weighed in on SHOP shares. StockNews.com upgraded shares of Shopify from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Evercore raised Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 target price on the stock in a research note on Friday, June 14th. Royal Bank of Canada cut their price target on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. Atb Cap Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. Finally, Loop Capital dropped their target price on shares of Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a report on Monday, April 15th.

Institutional Trading of Shopify

A number of institutional investors and hedge funds have recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Shopify in the third quarter worth about $1,492,000. Envestnet Asset Management Inc. lifted its stake in shares of Shopify by 17.7% in the third quarter. Envestnet Asset Management Inc. now owns 827,520 shares of the software maker’s stock worth $45,158,000 after buying an additional 124,266 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of Shopify by 49.4% during the third quarter. Acadian Asset Management LLC now owns 9,340 shares of the software maker’s stock valued at $509,000 after purchasing an additional 3,089 shares during the last quarter. Mariner LLC raised its holdings in shares of Shopify by 3.5% during the third quarter. Mariner LLC now owns 242,532 shares of the software maker’s stock valued at $13,235,000 after purchasing an additional 8,265 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Shopify by 4.3% during the third quarter. Northern Trust Corp now owns 538,465 shares of the software maker’s stock valued at $29,384,000 after purchasing an additional 22,315 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of Shopify stock opened at $66.05 on Friday. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average price of $64.20 and a two-hundred day moving average price of $73.00. The company has a market cap of $85.12 billion, a P/E ratio of -388.53, a PEG ratio of 3.29 and a beta of 2.27. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.84 billion. As a group, analysts anticipate that Shopify will post 0.61 EPS for the current year.

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.