Shopify (NYSE:SHOP) Price Target Raised to $125.00 at Canaccord Genuity Group

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective increased by equities researchers at Canaccord Genuity Group from $80.00 to $125.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 12.68% from the stock’s previous close.

A number of other research firms have also recently weighed in on SHOP. Benchmark reaffirmed a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Roth Mkm upped their target price on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. boosted their price target on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Wedbush reaffirmed a “neutral” rating and issued a $115.00 price objective (up from $72.00) on shares of Shopify in a research note on Tuesday. Finally, Mizuho upped their target price on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average target price of $87.34.

Shopify Stock Up 1.8 %

Shopify stock traded up $2.01 during mid-day trading on Wednesday, hitting $110.93. The company’s stock had a trading volume of 4,546,996 shares, compared to its average volume of 9,261,628. The firm’s 50 day moving average is $79.47 and its 200 day moving average is $70.18. The company has a market cap of $143.14 billion, a PE ratio of 113.19, a price-to-earnings-growth ratio of 3.01 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify has a 52-week low of $48.56 and a 52-week high of $114.51.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. On average, analysts anticipate that Shopify will post 0.76 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC raised its position in shares of Shopify by 15.4% in the first quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock valued at $981,000 after purchasing an additional 1,694 shares during the period. Bleakley Financial Group LLC raised its position in shares of Shopify by 51.4% in the first quarter. Bleakley Financial Group LLC now owns 16,315 shares of the software maker’s stock valued at $1,259,000 after purchasing an additional 5,537 shares during the period. TBH Global Asset Management LLC raised its position in shares of Shopify by 43.0% in the first quarter. TBH Global Asset Management LLC now owns 5,649 shares of the software maker’s stock valued at $436,000 after purchasing an additional 1,700 shares during the period. Kingsview Wealth Management LLC raised its position in shares of Shopify by 1.4% in the first quarter. Kingsview Wealth Management LLC now owns 26,369 shares of the software maker’s stock valued at $2,035,000 after purchasing an additional 365 shares during the period. Finally, Midwest Professional Planners LTD. raised its position in shares of Shopify by 31.7% in the first quarter. Midwest Professional Planners LTD. now owns 4,842 shares of the software maker’s stock valued at $374,000 after purchasing an additional 1,166 shares during the period. 69.27% of the stock is currently 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.