Shopify (NYSE:SHOP) PT Raised to $90.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target raised by Loop Capital from $80.00 to $90.00 in a research note published on Wednesday, Benzinga reports. Loop Capital currently has a hold rating on the software maker’s stock.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley upped their target price on shares of Shopify from $80.00 to $85.00 and gave the company an overweight rating in a report on Thursday, August 8th. JPMorgan Chase & Co. increased their price objective on shares of Shopify from $74.00 to $76.00 and gave the company an overweight rating in a research report on Tuesday, August 20th. UBS Group lifted their target price on shares of Shopify from $71.00 to $75.00 and gave the stock a neutral rating in a report on Thursday, August 8th. Citigroup increased their price target on shares of Shopify from $90.00 to $103.00 and gave the company a buy rating in a report on Monday, September 30th. Finally, Wolfe Research started coverage on Shopify in a report on Tuesday, July 16th. They set an outperform rating and a $80.00 price objective for the company. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $78.97.

Shopify Stock Performance

Shares of NYSE SHOP opened at $83.24 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The stock has a 50 day moving average price of $74.19 and a 200 day moving average price of $68.71. The stock has a market capitalization of $107.27 billion, a PE ratio of -489.65, a price-to-earnings-growth ratio of 2.79 and a beta of 2.36. Shopify has a 52 week low of $45.50 and a 52 week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter in the prior year, the firm posted ($0.08) EPS. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. Analysts predict that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Capital World Investors grew its holdings in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after purchasing an additional 10,340,040 shares during the period. Vanguard Group Inc. grew its position in Shopify by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after purchasing an additional 713,064 shares during the period. 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. GQG Partners LLC raised its holdings in Shopify by 197.9% during the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after buying an additional 13,885,473 shares during the last quarter. Finally, Capital International Investors lifted its stake in shares of Shopify by 3.4% in the first quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock valued at $1,264,982,000 after buying an additional 542,503 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.