Shopify (NYSE:SHOP) Price Target Raised to $130.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target increased by equities researchers at KeyCorp from $80.00 to $130.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. KeyCorp’s price target would suggest a potential upside of 19.18% from the company’s previous close.

Several other analysts also recently issued reports on SHOP. Morgan Stanley raised their price objective on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft raised their price target on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Bank of America raised Shopify from a “neutral” rating to a “buy” rating and upped their price objective for the company from $78.00 to $82.00 in a research report on Tuesday, July 16th. Evercore ISI lifted their target price on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Finally, Wells Fargo & Company upped their price target on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $94.95.

Shopify Stock Performance

NYSE SHOP opened at $109.08 on Wednesday. The company has a market cap of $140.76 billion, a P/E ratio of 101.94, a P/E/G ratio of 3.71 and a beta of 2.36. The business’s 50 day moving average price is $80.36 and its 200-day moving average price is $70.50. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $115.62. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.09. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.11 billion. Shopify had a net margin of 16.84% and a return on equity of 11.60%. Sell-side analysts predict that Shopify will post 0.76 earnings per share for the current year.

Institutional Trading of Shopify

Several large investors have recently bought and sold shares of SHOP. GQG Partners LLC lifted its stake in shares of Shopify by 197.9% during the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after buying an additional 13,885,473 shares during the period. Capital World Investors raised its stake in Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares during the last quarter. Baillie Gifford & Co. lifted its position in Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after acquiring an additional 5,982,434 shares during the period. Finally, FMR LLC grew its stake in Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. Hedge funds and other 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.