Shopify (NYSE:SHOP) Given New $77.00 Price Target at Robert W. Baird

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective cut by equities researchers at Robert W. Baird from $87.00 to $77.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price target indicates a potential upside of 22.59% from the stock’s current price.

Several other equities analysts have also recently commented on the stock. The Goldman Sachs Group raised their target price on shares of Shopify from $67.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Truist Financial upped their target price on Shopify from $65.00 to $90.00 and gave the stock a “hold” rating in a research report on Monday, February 12th. ATB Capital boosted their price objective on Shopify from $105.00 to $110.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 14th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 target price on shares of Shopify in a research note on Wednesday, February 14th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Shopify in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $78.67.

Shopify Stock Down 18.5 %

Shopify stock opened at $62.81 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. Shopify has a one year low of $45.50 and a one year high of $91.57. The company has a 50-day simple moving average of $74.74 and a 200-day simple moving average of $73.78. The firm has a market capitalization of $80.81 billion, a P/E ratio of 697.89 and a beta of 2.20.

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

Institutional Investors Weigh In On Shopify

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Private Wealth Management Group LLC bought a new position in shares of Shopify in the fourth quarter valued at approximately $26,000. SJS Investment Consulting Inc. raised its holdings in Shopify by 59.1% in the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after acquiring an additional 130 shares during the period. DSM Capital Partners LLC acquired a new position in Shopify during the 4th quarter worth $28,000. Jones Financial Companies Lllp bought a new stake in Shopify during the fourth quarter valued at about $28,000. Finally, Your Advocates Ltd. LLP boosted its holdings in Shopify by 4,344.4% during the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after acquiring an additional 391 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

About Shopify

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.