Evercore ISI Boosts Shopify (NYSE:SHOP) Price Target to $80.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by equities researchers at Evercore ISI from $75.00 to $80.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the software maker’s stock. Evercore ISI’s price objective indicates a potential upside of 20.77% from the stock’s previous close.

A number of other brokerages also recently issued reports on SHOP. Canaccord Genuity Group reduced their price objective on shares of Shopify from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Wells Fargo & Company increased their target price on shares of Shopify from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday. Barclays dropped their target price on shares of Shopify from $68.00 to $63.00 and set an “equal weight” rating for the company in a report on Thursday, May 9th. UBS Group increased their target price on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, CIBC dropped their price objective on shares of Shopify from $100.00 to $85.00 and set an “outperformer” rating for the company in a report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.92.

Shopify Stock Up 3.7 %

SHOP traded up $2.35 during trading on Thursday, reaching $66.24. The company had a trading volume of 3,677,061 shares, compared to its average volume of 10,302,890. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. Shopify has a 12 month low of $45.50 and a 12 month high of $91.57. The business’s fifty day moving average price is $63.03 and its 200 day moving average price is $70.05. The company has a market cap of $85.36 billion, a P/E ratio of -383.18, a PEG ratio of 3.15 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.84 billion. Equities analysts anticipate that Shopify will post 0.62 EPS for the current year.

Hedge Funds Weigh In On Shopify

A number of large investors have recently made changes to their positions in SHOP. Private Wealth Management Group LLC purchased a new stake in Shopify in the 4th quarter valued at about $26,000. DSM Capital Partners LLC acquired a new stake in Shopify in the fourth quarter valued at approximately $28,000. Jones Financial Companies Lllp purchased a new stake in Shopify in the fourth quarter valued at about $28,000. Your Advocates Ltd. LLP raised its position in shares of Shopify by 4,344.4% in the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after purchasing an additional 391 shares during the last quarter. Finally, Cultivar Capital Inc. purchased a new stake in shares of Shopify during the second quarter valued at $33,000. 69.27% of the stock is 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.