Shopify (NYSE:SHOP) Price Target Increased to $103.00 by Analysts at Citigroup

Shopify (NYSE:SHOPGet Free Report) (TSE:SHOP) had its price objective lifted by stock analysts at Citigroup from $90.00 to $103.00 in a research report issued on Monday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the software maker’s stock. Citigroup’s price objective would suggest a potential upside of 31.26% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Piper Sandler reiterated a “neutral” rating and issued a $67.00 target price on shares of Shopify in a research report on Thursday, August 29th. Deutsche Bank Aktiengesellschaft boosted their price objective on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Benchmark reaffirmed a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. Evercore ISI increased their price objective on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Finally, Truist Financial lowered their target price on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $78.38.

Check Out Our Latest Research Report on SHOP

Shopify Stock Performance

Shares of SHOP stock opened at $78.47 on Monday. 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 12-month low of $45.50 and a 12-month high of $91.57. The business’s 50 day moving average is $70.57 and its two-hundred day moving average is $68.49. The company has a market capitalization of $101.12 billion, a P/E ratio of -461.59, a P/E/G ratio of 2.65 and a beta of 2.35.

Shopify (NYSE:SHOPGet Free Report) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. The business’s revenue was up 20.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.08) EPS. Analysts expect that Shopify will post 0.76 EPS for the current fiscal year.

Institutional Trading of Shopify

Large investors have recently made changes to their positions in the company. Norden Group LLC acquired a new position in Shopify during the 1st quarter worth approximately $3,618,000. Silvercrest Asset Management Group LLC increased its holdings in Shopify by 735.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after buying an additional 46,589 shares during the last quarter. DekaBank Deutsche Girozentrale raised its stake in Shopify by 5.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after buying an additional 28,639 shares in the last quarter. FIL Ltd boosted its position in shares of Shopify by 1.8% during the 4th quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after acquiring an additional 238,596 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Shopify by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after acquiring an additional 713,064 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Shopify (NYSE:SHOP)

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