Shopify (NASDAQ:SHOP) Price Target Raised to $160.00

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price objective lifted by UBS Group from $145.00 to $160.00 in a research report released on Wednesday,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

SHOP has been the topic of several other reports. Citigroup boosted their price objective on shares of Shopify from $196.00 to $216.00 and gave the company a “buy” rating in a research report on Tuesday, October 27th. Bank of America initiated coverage on Shopify in a report on Tuesday, July 7th. They set a “buy” rating and a $150.00 target price for the company. DA Davidson set a $180.00 price target on Shopify and gave the company a “buy” rating in a research note on Tuesday. Cantor Fitzgerald cut their price target on Shopify from $158.00 to $150.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Susquehanna assumed coverage on Shopify in a research report on Friday, July 10th. They set a “neutral” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $178.82.

Shopify Stock Up 3.6%

SHOP stock traded up $5.16 during mid-day trading on Wednesday, hitting $148.91. 7,972,804 shares of the company were exchanged, compared to its average volume of 8,231,345. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35. Shopify has a 1-year low of $94.00 and a 1-year high of $180.88. The firm’s 50 day simple moving average is $152.51 and its 200 day simple moving average is $130.07. The firm has a market cap of $191.59 billion, a P/E ratio of 90.80, a P/E/G ratio of 3.23 and a beta of 2.65.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.16. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The company had revenue of $3.74 billion during the quarter. During the same quarter last year, the company earned $0.34 EPS. The firm’s quarterly revenue was up 31.6% compared to the same quarter last year. On average, sell-side analysts predict that Shopify will post 1.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Grp LLC increased its position in shares of Shopify by 55.5% in the third quarter. Wellington Grp LLC now owns 10,610 shares of the software maker’s stock valued at $1,573,000 after acquiring an additional 3,789 shares during the last quarter. Diversified Trust Co boosted its position in Shopify by 3.7% during the third quarter. Diversified Trust Co now owns 8,439 shares of the software maker’s stock valued at $1,252,000 after purchasing an additional 301 shares during the last quarter. Titiun Yejiel acquired a new position in Shopify during the third quarter valued at approximately $2,671,000. William Blair Investment Management LLC acquired a new position in Shopify during the third quarter valued at approximately $42,568,000. Finally, Money Concepts Capital Corp grew its stake in Shopify by 15.4% in the third quarter. Money Concepts Capital Corp now owns 3,335 shares of the software maker’s stock valued at $495,000 after purchasing an additional 445 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify News Roundup

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Shopify reported 32% year-over-year revenue growth to about $3.7 billion, GMV growth of 30% to $119 billion, and a 22% free-cash-flow margin. Coverage also highlighted a forecast for another quarter of 30%-plus growth as the holiday shopping season approaches. Article Article
• Positive Sentiment: Several analysts remain constructive: Morgan Stanley reiterated a buy call after the pullback, Argus reaffirmed its buy rating with a $180 target, and Wedbush and RBC issued Outperform ratings. UBS raised its target to $160, though it kept a Neutral rating. Article Article
• Positive Sentiment: Traders bought a large volume of Shopify call options, suggesting some market participants are positioning for a rebound, though options activity is not a guarantee of future performance. Article
• Negative Sentiment: One report says Shopify’s results included a slight miss, which may be overshadowing its growth and prompting investors to reassess its premium valuation. Article
• Negative Sentiment: Rosenblatt lowered its expectations for the stock, while Cantor Fitzgerald issued a pessimistic forecast, adding to near-term analyst caution. Article Article

Shopify Company Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.