Shopify Inc. (NASDAQ:SHOP) Stock Has Consensus Target Price of $175.89

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) has received an average rating of “Moderate Buy” from the forty-eight analysts that are currently covering the company, MarketBeat Ratings reports. Ten investment analysts have rated the stock with a hold rating, thirty-six have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $175.89.

A number of equities research analysts recently issued reports on SHOP shares. DA Davidson set a $200.00 price target on shares of Shopify and gave the company a “buy” rating in a research note on Thursday, August 6th. Benchmark upped their price objective on shares of Shopify from $145.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Citizens Jmp upped their price objective on shares of Shopify from $150.00 to $185.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Shopify from $175.00 to $185.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $200.00 target price (up from $180.00) on shares of Shopify in a research report on Friday.

Shopify Stock Up 0.9%

Shopify stock opened at $171.06 on Tuesday. The stock has a market capitalization of $220.09 billion, a PE ratio of 115.58, a price-to-earnings-growth ratio of 3.50 and a beta of 2.62. Shopify has a 12 month low of $94.00 and a 12 month high of $182.19. The business has a 50 day simple moving average of $149.54 and a 200-day simple moving average of $128.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.02. Shopify had a return on equity of 12.58% and a net margin of 14.53%. The business had revenue of $3.58 billion during the quarter. During the same period in the previous year, the company earned $0.69 earnings per share. The company’s quarterly revenue was up 33.7% compared to the same quarter last year. On average, analysts anticipate that Shopify will post 1.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SHOP. The Manufacturers Life Insurance Company increased its stake in Shopify by 8.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker’s stock worth $998,137,000 after buying an additional 660,198 shares in the last quarter. Swiss National Bank raised its holdings in shares of Shopify by 27.0% during the first quarter. Swiss National Bank now owns 4,115,300 shares of the software maker’s stock valued at $487,580,000 after acquiring an additional 876,100 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Shopify by 4.1% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,678,602 shares of the software maker’s stock valued at $436,356,000 after acquiring an additional 145,500 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Shopify by 4.8% in the first quarter. Bank of New York Mellon Corp now owns 3,495,964 shares of the software maker’s stock valued at $414,691,000 after acquiring an additional 159,873 shares in the last quarter. Finally, Amova Asset Management Americas Inc. lifted its position in shares of Shopify by 5.0% in the first quarter. Amova Asset Management Americas Inc. now owns 3,458,265 shares of the software maker’s stock valued at $410,219,000 after acquiring an additional 165,080 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

About Shopify

Shopify Inc is a commerce technology company that provides tools for businesses of various sizes to start, operate and grow online and in physical retail environments. Its platform supports online storefronts, product and inventory management, order processing, marketing, analytics and customer engagement.

The company offers subscription-based plans and merchant solutions, including Shopify Payments, Shopify POS, Shopify Capital and tools for shipping, checkout and fulfillment. Shopify also supports sales through multiple channels, such as merchants’ own websites, mobile devices, social media and third-party marketplaces.

Shopify was founded in 2006 by Tobias Lütke, Daniel Weinand and Scott Lake after the founders developed an online store for snowboarding equipment.