Shopify (NASDAQ:SHOP) Price Target Raised to $185.00

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its target price boosted by National Bank Financial from $180.00 to $185.00 in a research report released on Wednesday morning,BayStreet reports. National Bank Financial currently has an outperform rating on the software maker’s stock.

A number of other analysts have also weighed in on the stock. Benchmark upped their price objective on shares of Shopify from $145.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. DZ Bank lowered Shopify from a “strong-buy” rating to a “hold” rating in a report on Friday, August 7th. Evercore reiterated an “outperform” rating and issued a $175.00 target price (up from $135.00) on shares of Shopify in a research note on Wednesday, August 5th. BMO Capital Markets set a $165.00 target price on shares of Shopify and gave the stock an “outperform” rating in a report on Thursday, August 6th. Finally, Barclays set a $145.00 price target on shares of Shopify and gave the company an “equal weight” rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $178.82.

Shopify Trading Up 3.6%

Shares of SHOP stock traded up $5.16 during trading hours on Wednesday, reaching $148.91. The company’s stock had a trading volume of 7,972,804 shares, compared to its average volume of 8,231,345. The firm’s fifty day simple moving average is $152.51 and its 200 day simple moving average is $130.07. Shopify has a one year low of $94.00 and a one year high of $180.88. The stock has a market capitalization of $191.59 billion, a P/E ratio of 90.80, a P/E/G ratio of 3.23 and a beta of 2.65. The company has a current ratio of 5.35, a quick ratio of 5.35 and a debt-to-equity ratio of 0.01.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.16. The firm had revenue of $3.74 billion during the quarter. Shopify had a return on equity of 12.58% and a net margin of 14.53%. The firm’s revenue was up 31.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.34 EPS. Equities research analysts expect that Shopify will post 1.47 EPS for the current year.

Institutional Trading of Shopify

A number of institutional investors have recently made changes to their positions in the company. Signal Advisors Wealth LLC increased its position in shares of Shopify by 0.5% during the third quarter. Signal Advisors Wealth LLC now owns 12,589 shares of the software maker’s stock valued at $1,867,000 after acquiring an additional 60 shares during the last quarter. Canopy Partners LLC boosted its position in Shopify by 3.0% in the 3rd quarter. Canopy Partners LLC now owns 2,109 shares of the software maker’s stock valued at $313,000 after buying an additional 61 shares during the period. Midway Capital Research & Management boosted its position in Shopify by 0.5% in the 3rd quarter. Midway Capital Research & Management now owns 14,008 shares of the software maker’s stock valued at $2,077,000 after buying an additional 65 shares during the period. Eagle Wealth Advisors LLC boosted its position in Shopify by 3.0% in the 3rd quarter. Eagle Wealth Advisors LLC now owns 2,330 shares of the software maker’s stock valued at $346,000 after buying an additional 67 shares during the period. Finally, Asset One Wealth Management LLC grew its stake in shares of Shopify by 0.3% in the third quarter. Asset One Wealth Management LLC now owns 24,060 shares of the software maker’s stock worth $3,568,000 after acquiring an additional 69 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Shopify

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Shopify reported 32% year-over-year revenue growth to about $3.7 billion, GMV growth of 30% to $119 billion, and a 22% free-cash-flow margin. Coverage also highlighted a forecast for another quarter of 30%-plus growth as the holiday shopping season approaches. Article Article
• Positive Sentiment: Several analysts remain constructive: Morgan Stanley reiterated a buy call after the pullback, Argus reaffirmed its buy rating with a $180 target, and Wedbush and RBC issued Outperform ratings. UBS raised its target to $160, though it kept a Neutral rating. Article Article
• Positive Sentiment: Traders bought a large volume of Shopify call options, suggesting some market participants are positioning for a rebound, though options activity is not a guarantee of future performance. Article
• Negative Sentiment: One report says Shopify’s results included a slight miss, which may be overshadowing its growth and prompting investors to reassess its premium valuation. Article
• Negative Sentiment: Rosenblatt lowered its expectations for the stock, while Cantor Fitzgerald issued a pessimistic forecast, adding to near-term analyst caution. Article Article

Shopify Company Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.