JMP Securities Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective upped by JMP Securities from $80.00 to $120.00 in a research report report published on Wednesday,Benzinga reports. JMP Securities currently has a market outperform rating on the software maker’s stock.

A number of other research firms have also weighed in on SHOP. KeyCorp boosted their target price on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday. Royal Bank of Canada upped their price objective on shares of Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday. Oppenheimer lifted their target price on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday. Loop Capital upped their price target on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $70.00 price objective on shares of Shopify in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Stock Performance

NYSE SHOP opened at $108.48 on Wednesday. The firm’s fifty day moving average price is $81.97 and its two-hundred day moving average price is $71.02. Shopify has a 1 year low of $48.56 and a 1 year high of $115.62. The firm has a market capitalization of $139.98 billion, a P/E ratio of 101.38, a price-to-earnings-growth ratio of 3.71 and a beta of 2.36. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.60%. The company had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. As a group, research analysts anticipate that Shopify will post 0.76 EPS for the current year.

Hedge Funds Weigh In On Shopify

Several hedge funds and other institutional investors have recently bought and sold shares of SHOP. Geode Capital Management LLC grew its position in shares of Shopify by 9.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock worth $432,573,000 after buying an additional 471,280 shares during the period. Conway Capital Management Inc. bought a new stake in Shopify in the third quarter valued at $864,000. M&T Bank Corp raised its holdings in shares of Shopify by 2.4% during the third quarter. M&T Bank Corp now owns 42,051 shares of the software maker’s stock valued at $3,370,000 after purchasing an additional 1,001 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Shopify during the third quarter valued at about $33,676,000. Finally, EWA LLC bought a new position in shares of Shopify during the 3rd quarter worth about $214,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.