Analysts Set Shopify Inc. (NASDAQ:SHOP) Price Target at $168.69

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) has been assigned a consensus rating of “Hold” from the forty-five research firms that are presently covering the company, MarketBeat.com reports. Twenty-three equities research analysts have rated the stock with a hold recommendation and twenty-two have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $168.6944.

SHOP has been the subject of several research reports. DA Davidson boosted their price objective on shares of Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $198.00 target price (up previously from $125.00) on shares of Shopify in a research report on Wednesday, December 17th. Barclays set a $140.00 price target on Shopify and gave the company an “equal weight” rating in a report on Wednesday, November 5th. DZ Bank upgraded Shopify from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Finally, Royal Bank Of Canada lifted their price objective on Shopify from $170.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, October 17th.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $170.83 on Wednesday. Shopify has a 1 year low of $69.84 and a 1 year high of $182.19. The company has a market cap of $222.39 billion, a P/E ratio of 126.54, a PEG ratio of 6.28 and a beta of 2.82. The stock’s fifty day moving average price is $161.32 and its 200-day moving average price is $143.76.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. On average, sell-side analysts anticipate that Shopify will post 1.12 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently made changes to their positions in the business. Brighton Jones LLC grew its position in Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after buying an additional 584 shares during the period. Algert Global LLC purchased a new position in shares of Shopify during the 1st quarter worth $251,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Shopify by 5.4% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 179,758 shares of the software maker’s stock valued at $17,163,000 after acquiring an additional 9,133 shares during the period. Freedom Investment Management Inc. grew its position in shares of Shopify by 8.0% during the 1st quarter. Freedom Investment Management Inc. now owns 7,136 shares of the software maker’s stock valued at $681,000 after acquiring an additional 530 shares during the period. Finally, Quadcap Wealth Management LLC increased its stake in shares of Shopify by 0.9% in the 1st quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker’s stock worth $1,063,000 after purchasing an additional 103 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.