Royal Bank of Canada Increases Shopify (NYSE:SHOP) Price Target to $100.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price hoisted by Royal Bank of Canada from $85.00 to $100.00 in a research report report published on Friday morning, MarketBeat Ratings reports. They currently have an outperform rating on the software maker’s stock.

Other equities analysts have also recently issued reports about the stock. Barclays lifted their price target on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. JPMorgan Chase & Co. lifted 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. Loop Capital lifted their price target on shares of Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. KeyCorp began coverage on shares of Shopify in a research note on Thursday, July 25th. They set an “overweight” rating and a $80.00 price target for the company. Finally, Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target for the company in a research note on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.36.

Shopify Stock Performance

Shopify stock opened at $82.65 on Friday. The company’s 50-day moving average price is $76.54 and its 200-day moving average price is $68.88. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The company has a market cap of $106.51 billion, a PE ratio of 84.34, a price-to-earnings-growth ratio of 2.77 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the previous year, the firm posted ($0.08) EPS. The business’s quarterly revenue was up 20.7% on a year-over-year basis. On average, equities research analysts forecast that Shopify will post 0.76 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Calton & Associates Inc. bought a new position in shares of Shopify during the 3rd quarter worth approximately $210,000. GFG Capital LLC increased its stake in Shopify by 6.0% during the 3rd quarter. GFG Capital LLC now owns 7,134 shares of the software maker’s stock valued at $572,000 after purchasing an additional 403 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in Shopify by 37.9% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,317 shares of the software maker’s stock valued at $186,000 after purchasing an additional 637 shares in the last quarter. Whittier Trust Co. increased its stake in Shopify by 16.2% during the 3rd quarter. Whittier Trust Co. now owns 5,060 shares of the software maker’s stock valued at $405,000 after purchasing an additional 704 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in Shopify during the 3rd quarter valued at approximately $64,000. Institutional investors 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.