Morgan Stanley Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target increased by Morgan Stanley from $126.00 to $144.00 in a research note issued to investors on Wednesday, Marketbeat reports. They currently have an overweight rating on the software maker’s stock.

Several other research analysts also recently issued reports on the stock. Scotiabank upped their price target on shares of Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Wedbush reaffirmed an “outperform” rating and issued a $125.00 target price on shares of Shopify in a research note on Tuesday. Oppenheimer raised their price target on shares of Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a report on Wednesday. Atb Cap Markets downgraded Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Loop Capital raised Shopify from a “hold” rating to a “buy” rating and lifted their target price for the company from $110.00 to $140.00 in a research note on Friday, December 6th. One equities research 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $125.14.

Shopify Trading Down 2.5 %

Shares of SHOP stock opened at $120.46 on Wednesday. The company has a market capitalization of $155.65 billion, a P/E ratio of 112.58, a P/E/G ratio of 2.49 and a beta of 2.47. Shopify has a 12-month low of $48.56 and a 12-month high of $125.95. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm has a 50-day moving average price of $111.29 and a 200 day moving average price of $91.82.

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

Hedge Funds Weigh In On Shopify

Several large investors have recently modified their holdings of SHOP. Jennison Associates LLC bought a new position in Shopify in the 4th quarter valued at about $132,323,000. Swiss National Bank increased its stake in shares of Shopify by 0.9% during the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after purchasing an additional 33,300 shares during the period. Watts Gwilliam & Co. LLC lifted its holdings in Shopify by 53.0% during the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after purchasing an additional 4,641 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after purchasing an additional 77,500 shares during the period. Finally, Oppenheimer & Co. Inc. grew its holdings in Shopify by 26.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after buying an additional 7,027 shares in the last quarter. 69.27% of the stock is 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.