Shopify (NYSE:SHOP) Price Target Lowered to $55.00 at Truist Financial

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective decreased by Truist Financial from $65.00 to $55.00 in a report released on Tuesday, Marketbeat.com reports. Truist Financial currently has a hold rating on the software maker’s stock.

Several other equities research analysts have also issued reports on SHOP. Scotiabank lowered their price target on shares of Shopify from $80.00 to $75.00 and set a sector perform rating on the stock in a research note on Thursday, May 9th. The Goldman Sachs Group lifted their price target on shares of Shopify from $67.00 to $74.00 and gave the company a buy rating in a research note on Tuesday, May 28th. Moffett Nathanson lowered shares of Shopify from a buy rating to a neutral rating and lowered their price target for the company from $74.00 to $65.00 in a research note on Thursday, June 6th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Shopify from $95.00 to $80.00 and set a buy rating on the stock in a research note on Thursday, May 9th. Finally, Morgan Stanley upgraded shares of Shopify from an equal weight rating to an overweight rating and lifted their price target for the company from $74.00 to $85.00 in a research note on Friday, April 19th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Shopify currently has a consensus rating of Moderate Buy and an average price target of $77.24.

Shopify Stock Up 1.1 %

Shares of NYSE:SHOP traded up $0.75 during midday trading on Tuesday, reaching $69.30. 10,931,244 shares of the company were exchanged, compared to its average volume of 10,422,090. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The stock has a fifty day simple moving average of $63.43 and a two-hundred day simple moving average of $69.96. The firm has a market cap of $89.31 billion, a PE ratio of -407.65, a P/E/G ratio of 3.14 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period last year, the business posted ($0.08) earnings per share. The firm’s quarterly revenue was up 20.7% on a year-over-year basis. As a group, sell-side analysts forecast that Shopify will post 0.62 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

A number of large investors have recently bought and sold shares of SHOP. Asset Management One Co. Ltd. grew its holdings in Shopify by 4,007.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock worth $2,807,000 after purchasing an additional 34,624 shares during the period. Prime Capital Investment Advisors LLC lifted its stake in shares of Shopify by 25.6% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 22,677 shares of the software maker’s stock valued at $1,766,000 after buying an additional 4,623 shares in the last quarter. Stratos Wealth Partners LTD. lifted its stake in shares of Shopify by 24.8% in the fourth quarter. Stratos Wealth Partners LTD. now owns 23,437 shares of the software maker’s stock valued at $1,826,000 after buying an additional 4,660 shares in the last quarter. Bleakley Financial Group LLC lifted its stake in shares of Shopify by 18.5% in the fourth quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock valued at $840,000 after buying an additional 1,681 shares in the last quarter. Finally, Confluence Wealth Services Inc. lifted its stake in shares of Shopify by 138.9% in the fourth quarter. Confluence Wealth Services Inc. now owns 12,038 shares of the software maker’s stock valued at $938,000 after buying an additional 7,000 shares in the last quarter. 69.27% of the stock is currently 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.