Shopify (NYSE:SHOP) Given New $65.00 Price Target at Barclays

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective upped by Barclays from $63.00 to $65.00 in a research note issued to investors on Thursday morning, Benzinga reports. The firm currently has an equal weight rating on the software maker’s stock.

A number of other analysts also recently issued reports on the company. Canaccord Genuity Group dropped their price target on Shopify from $90.00 to $80.00 and set a buy rating for the company in a research report on Thursday, May 9th. StockNews.com raised shares of Shopify from a sell rating to a hold rating in a research note on Wednesday, April 24th. BNP Paribas upgraded shares of Shopify from an underperform rating to an outperform rating in a research report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Shopify from $80.00 to $85.00 and gave the stock a buy rating in a report on Thursday. Finally, Wedbush reissued a neutral rating and issued a $72.00 target price (up previously from $68.00) on shares of Shopify in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $77.24.

Shopify Stock Performance

Shares of SHOP traded up $0.76 during mid-day trading on Thursday, reaching $69.31. 10,919,824 shares of the stock traded hands, compared to its average volume of 10,422,090. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57. The firm has a fifty day moving average price of $63.23 and a 200 day moving average price of $70.04. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.04. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.84 billion. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. Equities analysts expect that Shopify will post 0.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

A number of institutional investors have recently bought and sold shares of SHOP. GQG Partners LLC raised its holdings in Shopify by 197.9% in the first 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 in the last quarter. Norges Bank purchased a new stake in shares of Shopify in the 4th quarter worth approximately $1,049,089,000. Capital World Investors increased its holdings in shares of Shopify by 26.2% during the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after acquiring an additional 10,340,040 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Shopify by 21.2% during the 1st 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 purchasing an additional 5,982,434 shares in the last quarter. Finally, Toronto Dominion Bank raised its holdings in Shopify by 214.5% in the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after buying an additional 1,983,996 shares during the last quarter. 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.