Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) had its target price boosted by The Goldman Sachs Group from $88.00 to $135.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. The Goldman Sachs Group’s target price suggests a potential upside of 19.95% from the company’s previous close.
A number of other equities analysts have also weighed in on the company. Morgan Stanley upped their target price on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. upped their target price on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. KeyCorp upped their target price on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday. Truist Financial upped their target price on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Robert W. Baird upped their target price on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday. One investment 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 company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $94.95.
Get Our Latest Analysis on Shopify
Shopify Stock Performance
Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Shopify had a return on equity of 11.94% and a net margin of 16.84%. Analysts forecast that Shopify will post 0.76 EPS for the current fiscal year.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the stock. Oliver Lagore Vanvalin Investment Group raised its stake in 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 buying an additional 200 shares during the last quarter. Cultivar Capital Inc. bought a new stake in shares of Shopify in the 2nd quarter worth $33,000. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify in the 2nd quarter worth $33,000. Brooklyn Investment Group bought a new stake in shares of Shopify in the 3rd quarter worth $33,000. Finally, Rosenberg Matthew Hamilton increased its holdings in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.
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.
Featured Articles
- Five stocks we like better than Shopify
- How to Know if a Stock Pays Dividends and When They Are Paid Out
- Rocket Lab is the Right Stock for the Right Time
- The Significance of Brokerage Rankings in Stock Selection
- SoundHound AI Will Advance By Triple Digits in 2025: Here’s Why
- How Can Investors Benefit From After-Hours Trading
- 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.