ATB Cormark Capital Markets Issues Positive Forecast for Shopify (TSE:SHOP) Stock Price

Shopify (TSE:SHOP) had its target price lifted by analysts at ATB Cormark Capital Markets from C$240.00 to C$260.00 in a research note issued on Thursday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. ATB Cormark Capital Markets’ price objective would suggest a potential upside of 26.53% from the stock’s current price.

Separately, TD boosted their target price on shares of Shopify from C$159.00 to C$175.00 and gave the stock a “buy” rating in a research report on Thursday. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of C$203.50.

Shopify Stock Up 1.7%

Shares of SHOP traded up C$3.51 during midday trading on Thursday, reaching C$205.48. 1,595,376 shares of the company were exchanged, compared to its average volume of 2,066,368. The company has a current ratio of 6.20, a quick ratio of 5.74 and a debt-to-equity ratio of 1.43. Shopify has a 1-year low of C$129.01 and a 1-year high of C$253.10. The company has a market cap of C$266.64 billion, a price-to-earnings ratio of 201.45, a P/E/G ratio of 0.87 and a beta of 2.28. The stock has a 50-day moving average price of C$165.57 and a 200-day moving average price of C$165.45.

Shopify (TSE:SHOP) last released its quarterly earnings results on Tuesday, May 5th. The company reported C($0.63) earnings per share for the quarter. Shopify had a return on equity of 10.70% and a net margin of 10.94%.The company had revenue of C$4.41 billion during the quarter. Research analysts expect that Shopify will post 1.9256156 earnings per share for the current year.

About Shopify

Shopify provides essential internet infrastructure for commerce. Shopify’s all-in-one platform makes it easier to start, run, and grow a business, powering sales online, in-store, and everywhere in between. Millions of businesses in 175+ countries use Shopify-from entrepreneurs to brands like Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS, and Supreme.