Mizuho Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective lifted by Mizuho from $68.00 to $105.00 in a report released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

A number of other brokerages have also recently weighed in on SHOP. JPMorgan Chase & Co. upped their price target on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Oppenheimer boosted their price target on Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday. Evercore boosted their target price on shares of Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Robert W. Baird raised their price target on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Benchmark reissued a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average price target of $94.95.

Shopify Trading Down 2.3 %

Shares of NYSE SHOP traded down $2.61 on Wednesday, reaching $112.48. 1,221,444 shares of the company traded hands, compared to its average volume of 9,302,125. The company has a 50 day moving average of $80.36 and a 200 day moving average of $70.50. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $115.62. The stock has a market capitalization of $145.14 billion, a PE ratio of 107.60, a P/E/G ratio of 3.64 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly 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. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. Shopify had a return on equity of 11.94% and a net margin of 16.84%. On average, equities research analysts forecast that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Several large investors have recently modified their holdings of SHOP. Hantz Financial Services Inc. boosted its position in shares of Shopify by 30.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 340,472 shares of the software maker’s stock valued at $27,285,000 after acquiring an additional 79,330 shares in the last quarter. Northwest & Ethical Investments L.P. grew its holdings in shares of Shopify by 5.2% in the 3rd quarter. Northwest & Ethical Investments L.P. now owns 171,374 shares of the software maker’s stock worth $13,732,000 after purchasing an additional 8,410 shares during the last quarter. Pin Oak Investment Advisors Inc. increased its position in shares of Shopify by 33.3% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 1,185 shares of the software maker’s stock worth $94,000 after purchasing an additional 296 shares in the last quarter. Fiduciary Trust Co bought a new position in Shopify during the 3rd quarter valued at about $548,000. Finally, FORA Capital LLC acquired a new position in Shopify in the third quarter valued at about $223,000. 69.27% of the stock is owned by 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.