The Goldman Sachs Group Lowers Shopify (NYSE:SHOP) Price Target to $67.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective reduced by equities research analysts at The Goldman Sachs Group from $75.00 to $67.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 6.67% from the company’s current price.

A number of other equities analysts have also recently weighed in on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 price target on shares of Shopify in a report on Wednesday, February 14th. National Bankshares increased their price target on Shopify from $80.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, January 26th. Piper Sandler upgraded Shopify from an “underweight” rating to a “neutral” rating and set a $63.00 target price for the company in a report on Thursday. BNP Paribas upgraded Shopify from an “underperform” rating to an “outperform” rating in a report on Thursday, May 2nd. Finally, Needham & Company LLC restated a “hold” rating on shares of Shopify in a report on Thursday. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $78.44.

Shopify Stock Down 18.5 %

Shares of SHOP opened at $62.81 on Thursday. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a market capitalization of $80.81 billion, a PE ratio of 697.89 and a beta of 2.20. The stock has a fifty day simple moving average of $74.74 and a two-hundred day simple moving average of $73.78. 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The business had revenue of $2.14 billion during 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 forecast that Shopify will post 0.59 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Private Wealth Management Group LLC purchased a new position in shares of Shopify in the 4th quarter valued at approximately $26,000. SJS Investment Consulting Inc. grew its stake in shares of Shopify by 59.1% in the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after purchasing an additional 130 shares during the last quarter. DSM Capital Partners LLC purchased a new position in shares of Shopify in the 4th quarter valued at approximately $28,000. Jones Financial Companies Lllp purchased a new position in shares of Shopify in the 4th quarter valued at approximately $28,000. Finally, Your Advocates Ltd. LLP grew its stake in shares of Shopify by 4,344.4% in the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after purchasing an additional 391 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.