Shopify (NASDAQ:SHOP) Price Target Raised to $190.00

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its target price hoisted by Bank of America from $185.00 to $190.00 in a research note released on Wednesday,BayStreet.CA reports. The firm currently has a buy rating on the software maker’s stock.

A number of other analysts have also issued reports on SHOP. Needham & Company LLC restated a “buy” rating and issued a $180.00 price target on shares of Shopify in a research note on Wednesday, November 5th. DZ Bank raised shares of Shopify from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. Stifel Nicolaus set a $175.00 target price on shares of Shopify in a research note on Tuesday, November 4th. Canaccord Genuity Group lifted their price target on Shopify from $165.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Finally, National Bankshares boosted their price objective on Shopify from $180.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. Twenty-two analysts have rated the stock with a Buy rating and twenty-three have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $168.69.

Shopify Price Performance

Shares of SHOP stock opened at $169.57 on Wednesday. The company’s fifty day moving average price is $159.88 and its two-hundred day moving average price is $141.56. The firm has a market capitalization of $220.75 billion, a P/E ratio of 125.61, a P/E/G ratio of 6.20 and a beta of 2.82. Shopify has a 12 month low of $69.84 and a 12 month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The firm had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.75 billion. On average, sell-side analysts anticipate that Shopify will post 1.12 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SHOP. Norges Bank acquired a new position in shares of Shopify during the second quarter worth about $1,794,952,000. Jennison Associates LLC increased its holdings in Shopify by 64.3% during the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after buying an additional 7,403,821 shares during the last quarter. Brown Advisory Inc. raised its holdings in shares of Shopify by 5,193.6% in the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock valued at $238,419,000 after purchasing an additional 2,027,839 shares during the period. Geode Capital Management LLC lifted its position in shares of Shopify by 19.9% in the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after buying an additional 1,781,530 shares during the last quarter. Finally, Picton Mahoney Asset Management boosted its position in Shopify by 246,359.0% during the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after purchasing an additional 1,759,003 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.