Shopify (NYSE:SHOP) Price Target Raised to $160.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price boosted by stock analysts at CIBC from $135.00 to $160.00 in a report issued on Wednesday,BayStreet.CA reports. The firm currently has an “outperform” rating on the software maker’s stock. CIBC’s target price indicates a potential upside of 25.35% from the stock’s current price.

SHOP has been the topic of several other reports. KeyCorp raised their price objective on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Canaccord Genuity Group lifted their price target on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday. Wells Fargo & Company lifted their price target on Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft lifted their price target on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Morgan Stanley lifted their price target on Shopify from $126.00 to $144.00 and gave the company an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $125.14.

Shopify Price Performance

Shares of SHOP stock opened at $127.65 on Wednesday. Shopify has a 52-week low of $48.56 and a 52-week high of $128.00. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The firm has a market capitalization of $164.93 billion, a P/E ratio of 119.30, a P/E/G ratio of 2.49 and a beta of 2.47. The stock has a 50 day moving average price of $111.43 and a 200 day moving average price of $92.02.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. As a group, sell-side analysts predict that Shopify will post 0.91 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Institutional investors and hedge funds have recently modified their holdings of the business. Jennison Associates LLC purchased a new position in shares of Shopify in the 4th quarter valued at about $132,323,000. Swiss National Bank increased its stake in shares of Shopify by 0.9% in the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after purchasing an additional 33,300 shares in the last quarter. Watts Gwilliam & Co. LLC increased its stake in shares of Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after purchasing an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in shares of Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after purchasing an additional 77,500 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in Shopify by 26.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after buying an additional 7,027 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.