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

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective raised by JMP Securities from $80.00 to $120.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has a market outperform rating on the software maker’s stock.

A number of other equities research analysts have also commented on the company. JPMorgan Chase & Co. increased their price target on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Scotiabank boosted their target price on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. UBS Group increased their price target on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Truist Financial dropped their price objective on shares of Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Finally, Citigroup upped their price objective on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Price Performance

NYSE SHOP opened at $108.48 on Wednesday. The stock has a 50-day simple moving average of $81.97 and a 200 day simple moving average of $71.02. The stock has a market capitalization of $139.98 billion, a PE ratio of 101.38, 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 quick ratio of 7.32 and a current ratio of 7.10. Shopify has a twelve month low of $48.56 and a twelve month high of $115.62.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SHOP. Oliver Lagore Vanvalin Investment Group lifted its position in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares in the last quarter. Brooklyn Investment Group bought a new stake in Shopify during the 3rd quarter worth about $33,000. Rosenberg Matthew Hamilton boosted its stake in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares during the last quarter. Cultivar Capital Inc. bought a new position in shares of Shopify in the 2nd quarter valued at about $33,000. Finally, Hazlett Burt & Watson Inc. bought a new position in shares of Shopify in the 2nd quarter valued at about $33,000. 69.27% of the stock is 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.