Shopify (NYSE:SHOP) Price Target Raised to $150.00 at DA Davidson

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target increased by research analysts at DA Davidson from $130.00 to $150.00 in a research report issued on Wednesday,BayStreet.CA reports. The firm presently has a “buy” rating on the software maker’s stock. DA Davidson’s price target would indicate a potential upside of 22.70% from the company’s current price.

A number of other brokerages have also recently commented on SHOP. Moffett Nathanson increased their price target on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. DZ Bank downgraded Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. Royal Bank of Canada lifted their target price on shares of Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday. Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research note on Monday. Finally, New Street Research started coverage on shares of Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 price target for the company. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $125.14.

Shopify Stock Performance

NYSE SHOP traded down $1.34 during trading on Wednesday, reaching $122.25. 8,897,011 shares of the company’s stock were exchanged, compared to its average volume of 7,737,990. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $125.95. The business has a 50 day moving average price of $111.29 and a 200-day moving average price of $91.82. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The stock has a market capitalization of $157.96 billion, a P/E ratio of 114.25, a PEG ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its 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 net margin of 16.84% and a return on equity of 11.60%. Sell-side analysts forecast that Shopify will post 0.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Physician Wealth Advisors Inc. bought a new position in shares of Shopify during the 4th quarter worth approximately $131,000. CIBC Private Wealth Group LLC raised its stake in shares of Shopify by 676.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 701,381 shares of the software maker’s stock worth $75,497,000 after acquiring an additional 611,071 shares in the last quarter. RWA Wealth Partners LLC acquired a new position in Shopify during the 4th quarter valued at approximately $356,000. Schroder Investment Management Group acquired a new position in Shopify during the 4th quarter valued at approximately $93,644,000. Finally, Arrowstreet Capital Limited Partnership increased 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 acquiring an additional 7,316,862 shares during the period. Institutional investors 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.