Shopify (NYSE:SHOP) Given New $85.00 Price Target at Morgan Stanley

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lifted by Morgan Stanley from $80.00 to $85.00 in a research note published on Thursday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the software maker’s stock.

SHOP has been the topic of several other reports. Citigroup increased their target price on shares of Shopify from $95.00 to $96.00 and gave the stock a buy rating in a report on Wednesday, June 26th. Needham & Company LLC reiterated a hold rating on shares of Shopify in a report on Thursday, May 9th. The Goldman Sachs Group increased their price target on Shopify from $67.00 to $74.00 and gave the stock a buy rating in a report on Tuesday, May 28th. Benchmark reiterated a hold rating on shares of Shopify in a report on Tuesday. Finally, KeyCorp started coverage on Shopify in a research note on Thursday, July 25th. They set an overweight rating and a $80.00 target price for the company. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, Shopify has a consensus rating of Moderate Buy and an average price target of $77.24.

Shopify Stock Up 1.1 %

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

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

Hedge Funds Weigh In On Shopify

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Private Wealth Management Group LLC bought a new position in Shopify in the fourth quarter valued at about $26,000. DSM Capital Partners LLC acquired a new position in shares of Shopify in the fourth quarter valued at approximately $28,000. Jones Financial Companies Lllp bought a new position in Shopify in the 4th quarter valued at approximately $28,000. Your Advocates Ltd. LLP raised its holdings in Shopify by 4,344.4% in the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after buying an additional 391 shares during the last quarter. Finally, Cultivar Capital Inc. acquired a new stake in Shopify during the 2nd quarter worth approximately $33,000. Institutional investors own 69.27% of the company’s stock.

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.