Shopify (NYSE:SHOP) Price Target Raised to $140.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target boosted by Canaccord Genuity Group from $125.00 to $140.00 in a research report sent to investors on Wednesday, MarketBeat reports. They currently have a buy rating on the software maker’s stock.

A number of other brokerages have also recently commented on SHOP. Royal Bank of Canada reaffirmed an “outperform” rating and set a $130.00 price objective on shares of Shopify in a research note on Wednesday, January 22nd. Oppenheimer boosted their target price on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Wednesday. Wells Fargo & Company increased their price target on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Scotiabank boosted their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, October 24th. Finally, Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and increased their target price for the stock from $110.00 to $140.00 in a report on Friday, December 6th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $126.21.

Shopify Price Performance

Shares of SHOP stock opened at $128.36 on Wednesday. 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 has a 12 month low of $48.56 and a 12 month high of $128.57. The firm has a market cap of $165.85 billion, a price-to-earnings ratio of 119.96, a PEG ratio of 2.49 and a beta of 2.47. The stock has a 50-day moving average price of $111.70 and a 200 day moving average price of $92.27.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced 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 net margin of 16.84% and a return on equity of 11.60%. Research analysts expect that Shopify will post 0.91 EPS for the current year.

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in shares of Shopify by 73.5% during the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after purchasing an additional 253 shares during the last quarter. CWM LLC grew its holdings in Shopify by 14.9% during the third quarter. CWM LLC now owns 14,097 shares of the software maker’s stock worth $1,130,000 after purchasing an additional 1,832 shares during the period. Creative Planning increased its position in Shopify by 4.4% during the third quarter. Creative Planning now owns 392,415 shares of the software maker’s stock worth $31,448,000 after buying an additional 16,375 shares during the last quarter. NBC Securities Inc. raised its stake in Shopify by 32.2% in the third quarter. NBC Securities Inc. now owns 8,808 shares of the software maker’s stock valued at $705,000 after buying an additional 2,146 shares during the period. Finally, Prospect Financial Services LLC acquired a new stake in shares of Shopify in the third quarter valued at approximately $288,000. 69.27% of the stock is owned by 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.