Shopify (NYSE:SHOP) Price Target Raised to $120.00 at JMP Securities

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price hoisted by JMP Securities from $80.00 to $120.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “market outperform” rating on the software maker’s stock. JMP Securities’ target price points to a potential upside of 10.01% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the company. KeyCorp upped their target price on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday. Wedbush reiterated a “neutral” rating and set a $115.00 target price (up from $72.00) on shares of Shopify in a report on Tuesday. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and raised their target price for the company from $78.00 to $82.00 in a research report on Tuesday, July 16th. Barclays upped their price target on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Canaccord Genuity Group lifted their price objective on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Trading Down 5.2 %

SHOP stock opened at $109.08 on Wednesday. Shopify has a 12 month low of $48.56 and a 12 month high of $115.62. The firm’s 50-day moving average is $80.36 and its 200 day moving average is $70.50. The company has a market capitalization of $140.76 billion, a PE ratio of 101.94, a P/E/G ratio of 3.71 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.10 and a quick ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. Shopify had a net margin of 16.84% and a return on equity of 11.60%. On average, research analysts anticipate that Shopify will post 0.76 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. GQG Partners LLC grew its stake in shares of Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares during the period. Capital World Investors boosted its holdings in Shopify by 26.2% during the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after buying an additional 10,340,040 shares in the last quarter. Baillie Gifford & Co. grew its position in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying an additional 8,131,160 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Shopify by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after buying an additional 5,982,434 shares in the last quarter. Finally, FMR LLC raised its position in shares of Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. 69.27% of the stock is currently 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.