Shopify (SHOP) PT Raised to $190.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target boosted by research analysts at Canaccord Genuity from $165.00 to $190.00 in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the software maker’s stock. Canaccord Genuity’s target price indicates a potential upside of 10.45% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. Rosenblatt Securities set a $190.00 target price on shares of Shopify and gave the company a “buy” rating in a research note on Friday, October 26th. Macquarie set a $185.00 target price on shares of Shopify and gave the stock a “buy” rating in a report on Friday, October 26th. Royal Bank of Canada upped their price target on shares of Shopify from $157.00 to $159.00 and gave the stock a “sector perform” rating in a report on Saturday, October 27th. Zacks Investment Research reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Shopify in a research report on Thursday, November 15th. Finally, Wells Fargo & Co assumed coverage on Shopify in a report on Tuesday, December 18th. They issued an “outperform” rating and a $175.00 price objective on the stock. Six analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $184.15.

SHOP opened at $172.02 on Tuesday. Shopify has a 1 year low of $112.50 and a 1 year high of $180.00. The firm has a market cap of $18.66 billion, a P/E ratio of -409.57 and a beta of 1.51. The company has a quick ratio of 11.82, a current ratio of 11.82 and a debt-to-equity ratio of 0.01.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 12th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.32. Shopify had a negative net margin of 6.93% and a negative return on equity of 4.26%. The company had revenue of $344.00 million during the quarter, compared to analysts’ expectations of $327.45 million. During the same quarter in the previous year, the company posted $0.15 EPS. The business’s revenue for the quarter was up 54.3% compared to the same quarter last year. As a group, analysts predict that Shopify will post -0.63 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in shares of Shopify by 95.7% during the 2nd quarter. BlackRock Inc. now owns 176,537 shares of the software maker’s stock valued at $25,755,000 after buying an additional 86,351 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Shopify by 132.0% during the second quarter. Dimensional Fund Advisors LP now owns 26,734 shares of the software maker’s stock worth $3,900,000 after purchasing an additional 15,209 shares during the period. Millennium Management LLC bought a new stake in Shopify in the 2nd quarter valued at $2,061,000. Northern Trust Corp increased its stake in shares of Shopify by 562.8% in the second quarter. Northern Trust Corp now owns 218,063 shares of the software maker’s stock worth $31,813,000 after acquiring an additional 185,163 shares during the period. Finally, Atria Investments LLC acquired a new position in shares of Shopify in the third quarter valued at approximately $263,000. 62.28% of the stock is owned by hedge funds and other institutional investors.

About Shopify

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Analyst Recommendations for Shopify (NYSE:SHOP)

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