Shopify Inc. (NYSE:SHOP) Receives $80.21 Average Price Target from Analysts

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) has been assigned an average recommendation of “Moderate Buy” from the forty ratings firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, fifteen have given a hold recommendation, twenty-three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $80.21.

Several brokerages have weighed in on SHOP. Robert W. Baird raised their price target on Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Wolfe Research assumed coverage on shares of Shopify in a research report on Tuesday, July 16th. They set an “outperform” rating and a $80.00 target price on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 price target on shares of Shopify in a report on Tuesday, September 10th. Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price on the stock in a research report on Tuesday, September 17th. Finally, Evercore ISI lifted their price target on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th.

Shopify Price Performance

SHOP opened at $80.40 on Friday. The firm has a market capitalization of $103.61 billion, a PE ratio of -472.94, a price-to-earnings-growth ratio of 2.65 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The business’s 50-day moving average is $77.33 and its two-hundred day moving average is $69.17. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share 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 company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same period last year, the firm earned ($0.08) earnings per share. Shopify’s revenue was up 20.7% compared to the same quarter last year. Research analysts anticipate that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Large investors have recently made changes to their positions in the stock. Ballentine Partners LLC acquired a new position in Shopify during the first quarter worth $211,000. Brookstone Capital Management raised its position in shares of Shopify by 3.5% during the 1st quarter. Brookstone Capital Management now owns 7,646 shares of the software maker’s stock valued at $590,000 after buying an additional 260 shares during the period. Wealthcare Advisory Partners LLC lifted its holdings in Shopify by 5.3% in the first quarter. Wealthcare Advisory Partners LLC now owns 4,340 shares of the software maker’s stock valued at $335,000 after acquiring an additional 219 shares during the last quarter. Harbour Capital Advisors LLC lifted its holdings in Shopify by 24.7% in the first quarter. Harbour Capital Advisors LLC now owns 6,825 shares of the software maker’s stock valued at $533,000 after acquiring an additional 1,350 shares during the last quarter. Finally, KRS Capital Management LLC grew its position in Shopify by 18.8% in the first quarter. KRS Capital Management LLC now owns 5,380 shares of the software maker’s stock worth $415,000 after acquiring an additional 850 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Company Profile

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.