Shopify (NYSE:SHOP) PT Raised to $90.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by analysts at Wells Fargo & Company from $80.00 to $90.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 26.21% from the stock’s previous close.

A number of other research analysts have also recently issued reports on SHOP. Loop Capital raised their price target on shares of Shopify from $68.00 to $80.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Barclays raised their target price on shares of Shopify from $63.00 to $65.00 and gave the stock an “equal weight” rating in a report on Thursday, August 8th. Evercore raised their target price on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. The Goldman Sachs Group raised their target price on shares of Shopify from $67.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, May 28th. Finally, Benchmark reissued a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $77.37.

Shopify Trading Down 0.3 %

NYSE SHOP opened at $71.31 on Wednesday. The company has a fifty day simple moving average of $67.28 and a two-hundred day simple moving average of $68.45. The stock has a market cap of $91.90 billion, a P/E ratio of -419.47, a P/E/G ratio of 2.25 and a beta of 2.35. Shopify has a 12-month low of $45.50 and a 12-month high of $91.57. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.08) earnings per share. On average, analysts forecast that Shopify will post 0.76 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Capital World Investors raised its stake in Shopify by 26.2% during the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after purchasing an additional 10,340,040 shares during the period. Vanguard Group Inc. raised its stake in Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares during the period. GQG Partners LLC raised its stake in Shopify by 197.9% during the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares during the period. Finally, Capital International Investors raised its stake in Shopify by 3.4% during the first quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock worth $1,264,982,000 after purchasing an additional 542,503 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.