Canaccord Genuity Group Trims Shopify (NYSE:SHOP) Target Price to $80.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target reduced by investment analysts at Canaccord Genuity Group from $90.00 to $80.00 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 28.12% from the stock’s previous close.

Other analysts also recently issued research reports about the company. BNP Paribas upgraded Shopify from an “underperform” rating to an “outperform” rating in a research note on Thursday, May 2nd. Scotiabank boosted their price target on Shopify from $70.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, May 2nd. Piper Sandler upgraded Shopify from an “underweight” rating to a “neutral” rating and set a $63.00 price target on the stock in a research note on Thursday. Citigroup upgraded Shopify from a “neutral” rating to a “buy” rating and upped their target price for the stock from $93.00 to $105.00 in a research note on Monday, April 29th. Finally, Roth Capital upped their target price on Shopify from $85.00 to $89.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Shopify has a consensus rating of “Hold” and an average target price of $76.67.

Shopify Stock Down 0.5 %

Shares of Shopify stock traded down $0.29 during trading on Thursday, reaching $62.44. The company’s stock had a trading volume of 16,810,551 shares, compared to its average volume of 9,905,413. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. The company has a market cap of $80.33 billion, a price-to-earnings ratio of 693.78 and a beta of 2.20. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a 50-day simple moving average of $74.74 and a two-hundred day simple moving average of $73.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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 firm 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 analysts forecast that Shopify will post 0.59 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. StoneCrest Wealth Management Inc. purchased a new stake in Shopify in the 4th quarter valued at approximately $1,164,000. Asset Management One Co. Ltd. lifted its position in shares of Shopify by 4,007.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after acquiring an additional 34,624 shares during the period. SeaCrest Wealth Management LLC acquired a new stake in shares of Shopify during the 4th quarter valued at approximately $433,000. Bleakley Financial Group LLC lifted its position in shares of Shopify by 18.5% during the 4th quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock valued at $840,000 after acquiring an additional 1,681 shares during the period. Finally, Advisor Resource Council acquired a new stake in shares of Shopify during the 4th quarter valued at approximately $1,488,000. Hedge funds and other institutional investors 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.