Shopify (NYSE:SHOP) Price Target Raised to $65.00 at Barclays

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target boosted by Barclays from $63.00 to $65.00 in a report published on Thursday, Benzinga reports. They currently have an equal weight rating on the software maker’s stock.

Several other brokerages have also recently issued reports on SHOP. Evercore ISI boosted their price target on Shopify from $75.00 to $80.00 and gave the company an outperform rating in a research report on Thursday. Roth Mkm upped their price target on Shopify from $77.00 to $79.00 and gave the stock a buy rating in a research note on Thursday. TD Securities lowered their price objective on shares of Shopify from $80.00 to $72.00 and set a hold rating on the stock in a research report on Thursday, May 9th. KeyCorp initiated coverage on shares of Shopify in a research report on Thursday, July 25th. They set an overweight rating and a $80.00 price objective for the company. Finally, Piper Sandler lifted their target price on shares of Shopify from $63.00 to $67.00 and gave the company a neutral rating in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, Shopify presently has an average rating of Moderate Buy and a consensus price target of $77.24.

Shopify Trading Up 1.1 %

Shares of Shopify stock traded up $0.76 during trading on Thursday, reaching $69.31. The company’s stock had a trading volume of 10,919,824 shares, compared to its average volume of 10,422,090. The company has a 50-day moving average price of $63.23 and a two-hundred day moving average price of $70.04. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, beating 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 company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.84 billion. On average, equities research analysts expect that Shopify will post 0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Asset Management One Co. Ltd. raised its stake in shares of Shopify by 4,007.4% in the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after acquiring an additional 34,624 shares during the period. Bleakley Financial Group LLC increased its holdings in Shopify by 18.5% in the 4th quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock valued at $840,000 after purchasing an additional 1,681 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Shopify by 39.2% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 259,686 shares of the software maker’s stock valued at $20,230,000 after purchasing an additional 73,160 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Shopify by 135.9% during the fourth quarter. Sequoia Financial Advisors LLC now owns 34,679 shares of the software maker’s stock worth $2,701,000 after purchasing an additional 19,977 shares in the last quarter. Finally, Soltis Investment Advisors LLC purchased a new stake in shares of Shopify in the fourth quarter worth about $283,000. 69.27% of the stock is owned by institutional investors and hedge funds.

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.