Shopify (NYSE:SHOP) PT Raised to $80.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective increased by Evercore ISI from $75.00 to $80.00 in a report released on Thursday morning, Benzinga reports. They currently have an outperform rating on the software maker’s stock.

A number of other research firms have also weighed in on SHOP. Evercore raised Shopify from an in-line rating to an outperform rating and set a $75.00 price objective on the stock in a research report on Friday, June 14th. Wolfe Research started coverage on Shopify in a report on Tuesday, July 16th. They set an outperform rating and a $80.00 price target on the stock. KeyCorp began coverage on Shopify in a research note on Thursday, July 25th. They issued an overweight rating and a $80.00 price objective for the company. Moffett Nathanson lowered shares of Shopify from a buy rating to a neutral rating and cut their target price for the stock from $74.00 to $65.00 in a research note on Thursday, June 6th. Finally, Needham & Company LLC reiterated a hold rating on shares of Shopify in a research note on Thursday, May 9th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $77.24.

Shopify Price Performance

Shopify stock traded up $0.76 during midday trading on Thursday, reaching $69.31. 10,919,824 shares of the stock traded hands, compared to its average volume of 10,422,090. Shopify has a 12-month low of $45.50 and a 12-month high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. The company has a 50-day simple moving average of $63.23 and a two-hundred day simple moving average of $70.04.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. Analysts expect that Shopify will post 0.62 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Large investors have recently added to or reduced their stakes in the business. Private Wealth Management Group LLC purchased a new position in Shopify during the fourth quarter worth approximately $26,000. DSM Capital Partners LLC purchased a new position in shares of Shopify in the 4th quarter worth $28,000. Jones Financial Companies Lllp acquired a new position in Shopify in the fourth quarter valued at $28,000. Your Advocates Ltd. LLP grew its position in Shopify by 4,344.4% during the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after acquiring an additional 391 shares during the period. Finally, OLD Point Trust & Financial Services N A acquired a new stake in Shopify during the fourth quarter worth about $39,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

About Shopify

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.