Brokerages Set Shopify Inc. (NASDAQ:SHOP) Target Price at $157.17

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) have received an average recommendation of “Moderate Buy” from the forty-three ratings firms that are covering the stock, MarketBeat.com reports. Ten research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and two have given a strong buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $157.1667.

Several brokerages have recently weighed in on SHOP. BMO Capital Markets decreased their price objective on Shopify from $160.00 to $145.00 and set an “outperform” rating on the stock in a report on Wednesday, May 6th. Robert W. Baird set a $150.00 price target on shares of Shopify in a research note on Wednesday, May 6th. DA Davidson cut their price target on shares of Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Royal Bank Of Canada restated an “outperform” rating and set a $170.00 price target on shares of Shopify in a research note on Wednesday, May 6th. Finally, Weiss Ratings cut shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th.

Shopify Stock Performance

NASDAQ SHOP opened at $107.68 on Wednesday. Shopify has a twelve month low of $94.00 and a twelve month high of $182.19. The stock has a market cap of $139.73 billion, a PE ratio of 106.61, a PEG ratio of 2.97 and a beta of 2.60. The firm has a 50-day simple moving average of $113.02 and a 200 day simple moving average of $129.09.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, topping the consensus estimate of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.08 billion. Research analysts forecast that Shopify will post 1.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Shopify by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after purchasing an additional 743,803 shares during the period. Norges Bank bought a new position in Shopify during the fourth quarter worth about $2,611,797,000. Invesco Ltd. lifted its stake in Shopify by 9.8% during the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after purchasing an additional 1,252,074 shares during the period. Geode Capital Management LLC lifted its stake in Shopify by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock worth $2,043,365,000 after purchasing an additional 737,892 shares during the period. Finally, Mackenzie Financial Corp lifted its stake in Shopify by 9.1% during the fourth quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker’s stock worth $1,627,352,000 after purchasing an additional 827,643 shares during the period. 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.