Analysts Set Shopify Inc. (NASDAQ:SHOP) Target Price at $171.61

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) have earned an average recommendation of “Moderate Buy” from the forty-five research firms that are currently covering the company, Marketbeat reports. Twenty-one analysts have rated the stock with a hold recommendation and twenty-four have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $171.6111.

A number of equities analysts recently weighed in on the company. Cantor Fitzgerald reissued a “neutral” rating and issued a $181.00 price target (up previously from $156.00) on shares of Shopify in a research note on Wednesday, November 5th. Royal Bank Of Canada reissued an “outperform” rating and issued a $200.00 target price on shares of Shopify in a research report on Wednesday, January 7th. Benchmark restated a “buy” rating on shares of Shopify in a research report on Wednesday, December 3rd. DZ Bank raised shares of Shopify from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Finally, Bank of America boosted their target price on shares of Shopify from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 17th.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently bought and sold shares of the business. Financial Gravity Companies Inc. purchased a new stake in shares of Shopify in the second quarter worth approximately $27,000. Rothschild Investment LLC increased its stake in Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares during the period. Heartwood Wealth Advisors LLC purchased a new stake in Shopify in the 3rd quarter worth approximately $27,000. Tradewinds Capital Management LLC boosted its stake in shares of Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after buying an additional 100 shares during the period. Finally, Coastline Trust Co purchased a new position in shares of Shopify during the 2nd quarter valued at $29,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shopify stock opened at $144.50 on Friday. The firm has a market cap of $188.12 billion, a price-to-earnings ratio of 107.04, a price-to-earnings-growth ratio of 4.60 and a beta of 2.83. Shopify has a 1 year low of $69.84 and a 1 year high of $182.19. The firm’s 50 day moving average price is $159.70 and its two-hundred day moving average price is $150.27.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.03. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. As a group, equities analysts predict that Shopify will post 1.12 EPS for the current fiscal year.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.