Scotiabank Boosts Shopify (NYSE:SHOP) Price Target to $80.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective boosted by Scotiabank from $75.00 to $80.00 in a report published on Thursday, Marketbeat Ratings reports. The brokerage currently has a sector perform rating on the software maker’s stock.

Several other equities research analysts have also issued reports on the stock. Benchmark reissued a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Wells Fargo & Company upped their price target on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 11th. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 target price on shares of Shopify in a research report on Monday, October 7th. Piper Sandler reaffirmed a “neutral” rating and issued a $67.00 price target on shares of Shopify in a research note on Thursday, August 29th. Finally, DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.21.

Shopify Price Performance

NYSE SHOP opened at $79.05 on Thursday. The firm has a market capitalization of $101.87 billion, a price-to-earnings ratio of -465.00, a price-to-earnings-growth ratio of 2.73 and a beta of 2.36. The company has a 50 day simple moving average of $77.13 and a 200-day simple moving average of $69.06. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57.

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

Institutional Trading of Shopify

A number of hedge funds have recently made changes to their positions in SHOP. Norden Group LLC acquired a new position in shares of Shopify in the first quarter worth approximately $3,618,000. Silvercrest Asset Management Group LLC lifted its stake in shares of Shopify by 735.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after acquiring an additional 46,589 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in shares of Shopify by 5.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after acquiring an additional 28,639 shares during the period. Clearbridge Investments LLC lifted its stake in shares of Shopify by 54.2% in the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after acquiring an additional 1,657,251 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after acquiring an additional 713,064 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

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.