Royal Bank of Canada Boosts Shopify (NYSE:SHOP) Price Target to $100.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective increased by Royal Bank of Canada from $85.00 to $100.00 in a research note published on Friday morning, MarketBeat.com reports. Royal Bank of Canada currently has an outperform rating on the software maker’s stock.

SHOP has been the subject of several other reports. KeyCorp began coverage on Shopify in a research note on Thursday, July 25th. They set an “overweight” rating and a $80.00 target price for the company. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Evercore lifted their target price on shares of Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Roth Mkm raised their price target on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, Loop Capital lifted their price objective on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $79.36.

Shopify Stock Performance

Shares of NYSE SHOP opened at $82.68 on Friday. The company has a market capitalization of $106.55 billion, a PE ratio of -486.35, a price-to-earnings-growth ratio of 2.80 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The company’s fifty day moving average price is $76.26 and its 200 day moving average price is $68.82. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57.

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

Hedge Funds Weigh In On Shopify

Hedge funds have recently made changes to their positions in the stock. Oliver Lagore Vanvalin Investment Group raised its position in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the period. Cultivar Capital Inc. acquired a new stake in shares of Shopify in the second quarter valued at $33,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of Shopify in the 2nd quarter valued at $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Shopify during the 2nd quarter worth about $39,000. Finally, Private Wealth Management Group LLC boosted its holdings in Shopify by 53.3% during the 1st quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock valued at $40,000 after acquiring an additional 180 shares during the period. 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.