Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) had its target price boosted by equities research analysts at Royal Bank of Canada from $100.00 to $130.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 16.93% from the company’s previous close.
A number of other equities analysts also recently issued reports on the stock. JMP Securities reiterated a “market outperform” rating and issued a $80.00 price target on shares of Shopify in a report on Tuesday, September 10th. Barclays increased their price target on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday. Wolfe Research began coverage on shares of Shopify in a report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price target for the company. Morgan Stanley increased their price target on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Finally, Roth Mkm raised their target price on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $90.05.
Read Our Latest Stock Report on Shopify
Shopify Stock Performance
Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last released its earnings results on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, topping the consensus estimate of $0.18 by $0.09. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. Shopify had a net margin of 16.84% and a return on equity of 11.94%. Sell-side analysts anticipate that Shopify will post 0.76 earnings per share for the current year.
Institutional Trading of Shopify
Several institutional investors have recently added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group boosted its holdings in shares of Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares during the period. Cultivar Capital Inc. acquired a new position in shares of Shopify during the second quarter valued at $33,000. Hazlett Burt & Watson Inc. acquired a new position in shares of Shopify during the second quarter valued at $33,000. Rosenberg Matthew Hamilton boosted its holdings in shares of Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Shopify in the second quarter worth about $39,000. 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.
Further Reading
- Five stocks we like better than Shopify
- Technology Stocks Explained: Here’s What to Know About Tech
- Rocket Lab is the Right Stock for the Right Time
- TSX Venture Exchange (Formerly Canadian Venture Exchange)
- SoundHound AI Will Advance By Triple Digits in 2025: Here’s Why
- What Does Downgrade Mean in Investing?
- Celsius Holdings: Big Drop, Big Opportunity? Analysts Say Yes
Receive News & Ratings for Shopify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify and related companies with MarketBeat.com's FREE daily email newsletter.