Barclays Boosts Shopify (NYSE:SHOP) Price Target to $70.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target increased by equities researchers at Barclays from $65.00 to $70.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the software maker’s stock. Barclays‘s price objective indicates a potential downside of 11.12% from the company’s current price.

A number of other research analysts have also recently issued reports on the stock. Argus raised shares of Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. JMP Securities reiterated a “market outperform” rating and issued a $80.00 price target on shares of Shopify in a research note on Tuesday, September 10th. Wedbush restated a “neutral” rating and set a $72.00 price objective (up from $68.00) on shares of Shopify in a research report on Wednesday, August 7th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $70.00 target price on shares of Shopify in a research report on Monday. Finally, JPMorgan Chase & Co. boosted their target price on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $78.38.

Shopify Price Performance

Shares of NYSE:SHOP traded down $1.38 during trading on Tuesday, reaching $78.76. 2,657,296 shares of the company traded hands, compared to its average volume of 9,585,115. The firm has a market capitalization of $101.50 billion, a PE ratio of -461.88, 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 company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The company’s 50 day moving average is $70.25 and its two-hundred day moving average is $68.48.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the prior year, the business posted ($0.08) earnings per share. Shopify’s revenue was up 20.7% compared to the same quarter last year. As a group, sell-side analysts predict that Shopify will post 0.76 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Anchor Investment Management LLC boosted its stake in shares of Shopify by 31.5% in the 2nd quarter. Anchor Investment Management LLC now owns 865 shares of the software maker’s stock worth $57,000 after buying an additional 207 shares during the last quarter. Lazari Capital Management Inc. grew 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 buying an additional 177 shares during the period. Sanctuary Advisors LLC bought a new position in Shopify during the second quarter valued at about $9,664,000. Souders Financial Advisors increased its holdings in Shopify by 3.3% during the second quarter. Souders Financial Advisors now owns 11,522 shares of the software maker’s stock worth $761,000 after buying an additional 370 shares during the last quarter. Finally, Clearbridge Investments LLC raised its position in Shopify by 54.2% in the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after acquiring an additional 1,657,251 shares during the period. 69.27% of the stock is currently 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.