Shopify (NYSE:SHOP) Price Target Increased to $80.00 by Analysts at Scotiabank

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by Scotiabank from $70.00 to $80.00 in a research note published on Thursday, BayStreet.CA reports. The brokerage currently has a sector perform rating on the software maker’s stock.

Other analysts have also recently issued reports about the stock. Barclays lowered their target price on shares of Shopify from $70.00 to $68.00 and set an equal weight rating for the company in a research note on Wednesday, February 14th. The Goldman Sachs Group lifted their price target on Shopify from $67.00 to $75.00 and gave the company a neutral rating in a report on Thursday, February 29th. BNP Paribas upgraded shares of Shopify from an underperform rating to an outperform rating in a report on Thursday. Truist Financial raised their target price on shares of Shopify from $65.00 to $90.00 and gave the stock a hold rating in a research report on Monday, February 12th. Finally, StockNews.com raised shares of Shopify from a sell rating to a hold rating in a research report on Wednesday, April 24th. Two research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $79.03.

Shopify Price Performance

Shares of SHOP stock traded up $2.46 during trading hours on Thursday, hitting $74.46. The company’s stock had a trading volume of 7,346,442 shares, compared to its average volume of 7,882,916. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. The stock has a market cap of $95.80 billion, a price-to-earnings ratio of 827.54 and a beta of 2.20. The business has a fifty day moving average of $74.77 and a 200-day moving average of $73.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The company had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. As a group, equities research analysts anticipate that Shopify will post 0.59 EPS for the current year.

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wealth Management Partners LLC boosted its stake in Shopify by 0.9% in the fourth quarter. Wealth Management Partners LLC now owns 13,922 shares of the software maker’s stock valued at $1,085,000 after acquiring an additional 126 shares during the period. SJS Investment Consulting Inc. increased its position in Shopify by 59.1% in the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after buying an additional 130 shares during the period. Tradition Wealth Management LLC lifted its stake in Shopify by 7.5% in the fourth quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after buying an additional 140 shares during the last quarter. Pachira Investments Inc. boosted its holdings in shares of Shopify by 2.1% during the fourth quarter. Pachira Investments Inc. now owns 7,084 shares of the software maker’s stock valued at $552,000 after acquiring an additional 146 shares during the period. Finally, Baldwin Brothers LLC MA grew its position in shares of Shopify by 49.0% during the fourth quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock worth $35,000 after acquiring an additional 147 shares during 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.