Shopify (NYSE:SHOP) Given New $125.00 Price Target at Canaccord Genuity Group

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price hoisted by Canaccord Genuity Group from $80.00 to $125.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the software maker’s stock.

A number of other equities research analysts have also weighed in on the company. Loop Capital boosted their price objective on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Wells Fargo & Company raised their price objective on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. Barclays boosted their target price on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Scotiabank boosted their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. Finally, Piper Sandler raised their target price on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Price Performance

Shares of Shopify stock traded down $2.61 during trading on Wednesday, reaching $112.48. 1,221,444 shares of the company’s stock were exchanged, compared to its average volume of 9,302,125. Shopify has a 1-year low of $48.56 and a 1-year high of $115.62. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The firm’s 50-day moving average price is $80.36 and its 200 day moving average price is $70.50. The company has a market cap of $145.14 billion, a P/E ratio of 107.60, a PEG ratio of 3.64 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.11 billion. Shopify had a net margin of 16.84% and a return on equity of 11.94%. As a group, research analysts anticipate that Shopify will post 0.76 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Moser Wealth Advisors LLC boosted its holdings in shares of Shopify by 1.4% during the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock valued at $755,000 after purchasing an additional 128 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in shares of Shopify by 7.0% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock valued at $159,000 after purchasing an additional 129 shares during the last quarter. Rosenberg Matthew Hamilton boosted its holdings in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the period. CVA Family Office LLC lifted its position in Shopify by 11.8% in the third quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock worth $109,000 after buying an additional 143 shares during the last quarter. Finally, Twin Peaks Wealth Advisors LLC lifted its holdings in shares of Shopify by 3.5% in the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 4,282 shares of the software maker’s stock worth $343,000 after acquiring an additional 145 shares during the last quarter. 69.27% of the stock is currently owned by 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.