CIBC Lowers Shopify (NYSE:SHOP) Price Target to $85.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price reduced by equities research analysts at CIBC from $100.00 to $85.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “outperformer” rating on the software maker’s stock. CIBC’s price target points to a potential upside of 36.13% from the stock’s current price.

Several other equities analysts have also weighed in on SHOP. BNP Paribas raised shares of Shopify from an “underperform” rating to an “outperform” rating in a report on Thursday, May 2nd. Mizuho cut their target price on shares of Shopify from $75.00 to $65.00 and set a “neutral” rating for the company in a report on Thursday. JMP Securities raised shares of Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 target price for the company in a report on Thursday. Wells Fargo & Company cut their target price on shares of Shopify from $85.00 to $75.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Citigroup raised shares of Shopify from a “neutral” rating to a “buy” rating and lifted their price target for the company from $93.00 to $105.00 in a research note on Monday, April 29th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, Shopify has an average rating of “Hold” and a consensus target price of $76.67.

Shopify Stock Down 0.5 %

NYSE:SHOP traded down $0.29 during mid-day trading on Thursday, reaching $62.44. The company’s stock had a trading volume of 16,810,551 shares, compared to its average volume of 9,905,413. The firm has a market capitalization of $80.33 billion, a PE ratio of 693.78 and a beta of 2.20. The stock has a fifty day moving average of $74.74 and a 200-day moving average of $73.78. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.22 by $0.04. The business had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. Equities research analysts forecast that Shopify will post 0.59 earnings per share for the current year.

Institutional Trading of Shopify

A number of institutional investors and hedge funds have recently bought and sold shares of SHOP. StoneCrest Wealth Management Inc. acquired a new position in shares of Shopify during the fourth quarter worth about $1,164,000. Asset Management One Co. Ltd. grew its position in shares of Shopify by 4,007.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock worth $2,807,000 after buying an additional 34,624 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new position in shares of Shopify during the fourth quarter worth about $433,000. Bleakley Financial Group LLC grew its position in shares of Shopify by 18.5% during the fourth quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock worth $840,000 after buying an additional 1,681 shares in the last quarter. Finally, Advisor Resource Council acquired a new position in shares of Shopify during the fourth quarter worth about $1,488,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Company Profile

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.