Morgan Stanley Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lifted by research analysts at Morgan Stanley from $126.00 to $144.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. Morgan Stanley’s target price would indicate a potential upside of 18.40% from the stock’s previous close.

A number of other analysts have also recently commented on the stock. UBS Group increased their price target on shares of Shopify from $110.00 to $125.00 and gave the company a “neutral” rating in a research note on Wednesday. KeyCorp increased their price objective on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a research report on Monday. Evercore ISI increased their price objective on shares of Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Robert W. Baird increased their price objective on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $115.20.

Shopify Stock Down 1.6 %

SHOP traded down $1.96 during trading hours on Wednesday, hitting $121.63. 8,329,956 shares of the company’s stock were exchanged, compared to its average volume of 7,720,913. Shopify has a 1-year low of $48.56 and a 1-year high of $125.95. The stock’s 50-day moving average is $111.29 and its two-hundred day moving average is $91.82. The stock has a market cap of $157.15 billion, a price-to-earnings ratio of 113.67, a PEG ratio of 2.49 and a beta of 2.47. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 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%. Sell-side analysts predict that Shopify will post 0.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. boosted its position in Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the period. Vanguard Group Inc. boosted its position in Shopify by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock worth $5,010,721,000 after buying an additional 781,162 shares during the period. FMR LLC boosted its position in Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after buying an additional 5,869,795 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Shopify by 79.8% during the 4th 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 during the period. Finally, Norges Bank acquired a new stake in Shopify during the 4th quarter worth approximately $1,542,262,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.