Shopify (NYSE:SHOP) PT Raised to $103.00 at Citigroup

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by equities research analysts at Citigroup from $90.00 to $103.00 in a report released on Monday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the software maker’s stock. Citigroup’s price target indicates a potential upside of 31.26% from the stock’s previous close.

SHOP has been the topic of several other reports. Truist Financial dropped their target price on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Benchmark reiterated a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. KeyCorp initiated coverage on shares of Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective for the company. JMP Securities restated a “market outperform” rating and set a $80.00 target price on shares of Shopify in a report on Tuesday, September 10th. Finally, Evercore lifted their price target on Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $78.38.

Shopify Stock Down 2.1 %

Shares of NYSE SHOP opened at $78.47 on Monday. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. The firm has a market capitalization of $101.12 billion, a price-to-earnings ratio of -461.59, a PEG ratio of 2.65 and a beta of 2.35. The stock has a 50 day moving average price of $70.57 and a 200 day moving average price of $68.49. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same period in the prior year, the business earned ($0.08) EPS. The business’s revenue for the quarter was up 20.7% compared to the same quarter last year. Sell-side analysts expect that Shopify will post 0.76 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently added to or reduced their stakes in the business. GQG Partners LLC lifted its holdings in shares of Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after buying an additional 13,885,473 shares during the period. Capital World Investors lifted its holdings in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after acquiring an additional 10,340,040 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares in the last quarter. Mackenzie Financial Corp boosted its position in Shopify by 49.9% in the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after purchasing an additional 2,102,939 shares in the last quarter. Finally, Toronto Dominion Bank grew its stake in shares of Shopify by 214.5% during the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after purchasing an additional 1,983,996 shares during the period. 69.27% of the stock is 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.