Shopify (NYSE:SHOP) Price Target Raised to $93.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by Barclays from $70.00 to $93.00 in a research report released on Wednesday,Benzinga reports. Barclays currently has an equal weight rating on the software maker’s stock.

Other analysts have also recently issued research reports about the stock. Citigroup raised their target price on shares of Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Truist Financial lowered their price objective on Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Piper Sandler increased their target price on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday. Robert W. Baird lifted their price target on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, UBS Group increased their price objective on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $94.95.

Shopify Stock Performance

Shares of SHOP stock opened at $108.48 on Wednesday. The stock’s 50-day moving average is $81.97 and its two-hundred day moving average is $71.02. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.10. Shopify has a 1 year low of $48.56 and a 1 year high of $115.62. The firm has a market cap of $139.98 billion, a price-to-earnings ratio of 101.38, a PEG ratio of 3.71 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.18 by $0.09. The firm had revenue of $2.16 billion during 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 11.60%. Analysts predict that Shopify will post 0.76 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Hedge funds have recently made changes to their positions in the business. Oliver Lagore Vanvalin Investment Group boosted its position in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the period. Cultivar Capital Inc. bought a new stake in shares of Shopify during the second quarter valued at about $33,000. Hazlett Burt & Watson Inc. acquired a new stake in Shopify in the second quarter worth about $33,000. Brooklyn Investment Group bought a new position in Shopify in the 3rd quarter valued at about $33,000. Finally, Rosenberg Matthew Hamilton increased its stake in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares during the period. Institutional investors own 69.27% of the company’s stock.

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.