Shopify (NYSE:SHOP) Price Target Raised to $103.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target increased by Citigroup from $90.00 to $103.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Citigroup’s price target indicates a potential upside of 29.84% from the company’s previous close.

Several other research firms have also recently issued reports on SHOP. Benchmark reissued a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Barclays boosted their price objective on shares of Shopify from $63.00 to $65.00 and gave the company an “equal weight” rating in a research note on Thursday, August 8th. Roth Mkm lifted their target price on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. UBS Group upped their price target on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Finally, KeyCorp started coverage on Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.26.

Shopify Price Performance

Shares of NYSE:SHOP traded up $0.12 on Monday, hitting $79.33. The company had a trading volume of 2,192,421 shares, compared to its average volume of 9,612,393. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The company has a market cap of $102.23 billion, a PE ratio of -466.65, a PEG ratio of 2.69 and a beta of 2.35. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. The business has a 50 day moving average of $69.90 and a 200 day moving average of $68.46.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. As a group, equities analysts anticipate that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently bought and sold shares of the business. Willis Johnson & Associates Inc. boosted its holdings in shares of Shopify by 5.8% during the first quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock worth $211,000 after purchasing an additional 149 shares during the period. Valley National Advisers Inc. grew its holdings in shares of Shopify by 11.4% during the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock valued at $114,000 after acquiring an additional 152 shares in the last quarter. Checchi Capital Advisers LLC increased its stake in shares of Shopify by 4.0% in the first quarter. Checchi Capital Advisers LLC now owns 4,178 shares of the software maker’s stock worth $322,000 after acquiring an additional 162 shares during the last quarter. Lazari Capital Management Inc. boosted its position in Shopify by 2.8% during the second quarter. Lazari Capital Management Inc. now owns 6,447 shares of the software maker’s stock valued at $426,000 after purchasing an additional 177 shares during the last quarter. Finally, Marks Group Wealth Management Inc grew its stake in Shopify by 3.2% in the first quarter. Marks Group Wealth Management Inc now owns 5,890 shares of the software maker’s stock valued at $455,000 after purchasing an additional 180 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.