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

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by Scotiabank from $115.00 to $120.00 in a research report sent to investors on Wednesday morning, MarketBeat reports. The brokerage currently has a sector perform rating on the software maker’s stock.

SHOP has been the topic of several other reports. JMP Securities restated a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a research report on Thursday, December 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $130.00 target price on shares of Shopify in a report on Wednesday, January 22nd. New Street Research initiated coverage on shares of Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target for the company. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $120.00 price objective on shares of Shopify in a research note on Wednesday. Finally, Truist Financial boosted their target price on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $125.14.

Shopify Trading Down 2.5 %

Shares of NYSE SHOP opened at $120.46 on Wednesday. Shopify has a 12-month low of $48.56 and a 12-month high of $125.95. The company has a market cap of $155.65 billion, a price-to-earnings ratio of 112.58, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock’s 50 day simple moving average is $111.29 and its 200 day simple moving average is $91.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. Equities research analysts expect that Shopify will post 0.91 EPS for the current year.

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allianz SE bought a new stake in Shopify in the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC boosted its holdings in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC grew its stake in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after purchasing an additional 100 shares during the period. New Wave Wealth Advisors LLC bought a new stake in shares of Shopify in the 4th quarter valued at approximately $39,000. Finally, Mather Group LLC. raised its holdings in shares of Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after buying an additional 184 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

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.