Shopify (NYSE:SHOP) Price Target Raised to $130.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price raised by investment analysts at Oppenheimer from $90.00 to $130.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price objective indicates a potential upside of 19.18% from the stock’s current price.

A number of other equities analysts have also recently issued reports on SHOP. Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price on the stock in a report on Tuesday, September 17th. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $78.00 to $82.00 in a report on Tuesday, July 16th. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Benchmark reaffirmed a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Price Performance

Shares of NYSE SHOP opened at $109.08 on Wednesday. The firm has a market capitalization of $140.76 billion, a P/E ratio of 101.94, a P/E/G ratio of 3.64 and a beta of 2.36. 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 current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify has a 1-year low of $48.56 and a 1-year high of $115.62.

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, topping analysts’ consensus estimates of $0.18 by $0.09. Shopify had a return on equity of 11.94% and a net margin of 16.84%. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.11 billion. Equities research analysts anticipate that Shopify will post 0.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several hedge funds have recently made changes to their positions in SHOP. Oliver Lagore Vanvalin Investment Group boosted its stake in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Shopify in the third quarter worth about $33,000. Rosenberg Matthew Hamilton boosted its position in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the period. Cultivar Capital Inc. purchased a new position in Shopify during the second quarter valued at approximately $33,000. Finally, Hazlett Burt & Watson Inc. bought a new stake in Shopify during the 2nd quarter worth approximately $33,000. 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.