Shopify (NYSE:SHOP) Stock Price Expected to Rise, Truist Financial Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target upped by Truist Financial from $110.00 to $120.00 in a report issued on Wednesday,Benzinga reports. Truist Financial currently has a hold rating on the software maker’s stock.

A number of other equities analysts have also recently weighed in on SHOP. Royal Bank of Canada upped their price target on Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a report on Wednesday. Wells Fargo & Company upped their price target on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Barclays lifted their price objective on Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday. Mizuho boosted their price target on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Finally, Scotiabank boosted their price objective on Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $125.14.

Shopify Price Performance

NYSE SHOP opened at $120.46 on Wednesday. The firm’s 50 day moving average price is $111.29 and its 200-day moving average price is $91.82. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The company has a market cap of $155.65 billion, a PE ratio of 112.58, a P/E/G ratio of 2.49 and a beta of 2.47. Shopify has a 52-week low of $48.56 and a 52-week high of $125.95.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. Sell-side analysts forecast that Shopify will post 0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Shopify in the fourth quarter worth approximately $1,542,262,000. Baillie Gifford & Co. boosted its position in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after purchasing an additional 7,316,862 shares in the last quarter. FMR LLC grew its stake in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock worth $474,187,000 after purchasing an additional 3,849,796 shares during the last quarter. Institutional investors and hedge funds 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.