Royal Bank of Canada Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective lifted by Royal Bank of Canada from $130.00 to $145.00 in a research report released on Wednesday, MarketBeat Ratings reports. The firm currently has an outperform rating on the software maker’s stock.

Other equities analysts have also issued research reports about the stock. Canaccord Genuity Group boosted their target price on shares of Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday. Mizuho boosted their price objective on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Oppenheimer raised their target price on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research note on Wednesday. New Street Research started coverage on Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target on the stock. Finally, Scotiabank increased their price target on Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $125.14.

Shopify Stock Performance

NYSE SHOP opened at $120.46 on Wednesday. The stock has a market cap of $155.65 billion, a PE ratio of 112.58, a PEG ratio of 2.49 and a beta of 2.47. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $125.95. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The firm’s fifty day moving average price is $111.29 and its two-hundred day moving average price is $91.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. On average, equities analysts expect that Shopify will post 0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Large investors have recently made changes to their positions in the business. Prudential PLC lifted its stake in Shopify by 16.1% in the fourth quarter. Prudential PLC now owns 201,894 shares of the software maker’s stock worth $21,461,000 after acquiring an additional 28,026 shares during the period. Resolute Advisors LLC boosted its stake in shares of Shopify by 1.9% during the 4th quarter. Resolute Advisors LLC now owns 43,150 shares of the software maker’s stock valued at $4,588,000 after purchasing an additional 820 shares in the last quarter. Uniting Wealth Partners LLC purchased a new position in shares of Shopify during the fourth quarter valued at about $319,000. Grant Private Wealth Management Inc purchased a new stake in Shopify in the fourth quarter worth about $1,116,000. Finally, Spahn Wealth & Retirement LLC bought a new stake in Shopify during the 4th quarter valued at approximately $746,000. 69.27% of the stock is currently owned by institutional investors.

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.