Roth Mkm Raises Shopify (NYSE:SHOP) Price Target to $79.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by Roth Mkm from $77.00 to $79.00 in a research report report published on Thursday, Benzinga reports. They currently have a buy rating on the software maker’s stock.

SHOP has been the topic of several other reports. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Shopify from $95.00 to $80.00 and set a buy rating on the stock in a report on Thursday, May 9th. Barclays decreased their price objective on shares of Shopify from $68.00 to $63.00 and set an equal weight rating on the stock in a report 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. Mizuho reduced their target price on shares of Shopify from $75.00 to $65.00 and set a neutral rating on the stock in a report on Thursday, May 9th. Finally, Scotiabank reduced their target price on shares of Shopify from $80.00 to $75.00 and set a sector perform rating on the stock in a report on Thursday, May 9th. One 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. According to MarketBeat, Shopify currently has an average rating of Moderate Buy and a consensus price target of $77.24.

Shopify Trading Up 1.1 %

Shares of SHOP stock traded up $0.75 during trading hours on Thursday, hitting $69.30. The company had a trading volume of 10,931,244 shares, compared to its average volume of 10,422,090. The company’s fifty day moving average is $63.43 and its 200 day moving average is $69.89. 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 fifty-two week low of $45.50 and a fifty-two week high of $91.57. The stock has a market capitalization of $89.31 billion, a PE ratio of -407.65, a price-to-earnings-growth 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 the consensus estimate 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 firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the prior year, the business posted ($0.08) EPS. The business’s revenue for the quarter was up 20.7% compared to the same quarter last year. Research analysts expect that Shopify will post 0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SHOP. GQG Partners LLC grew its position in Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares during the last quarter. Norges Bank acquired a new stake in shares of Shopify in the 4th quarter worth $1,049,089,000. Capital World Investors lifted its stake in shares of Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after acquiring an additional 5,982,434 shares during the period. Finally, Toronto Dominion Bank lifted its stake in shares of Shopify by 214.5% in the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after acquiring an additional 1,983,996 shares during the period. 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.