Shopify (NYSE:SHOP) Given New $80.00 Price Target at Evercore

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price upped by Evercore from $75.00 to $80.00 in a research report report published on Thursday morning, BayStreet.CA reports.

SHOP has been the subject of several other reports. CIBC lowered their price objective on shares of Shopify from $100.00 to $85.00 and set an outperformer rating for the company in a report on Thursday, May 9th. StockNews.com upgraded Shopify from a sell rating to a hold rating in a research note on Wednesday, April 24th. Wedbush reaffirmed a neutral rating and issued a $72.00 price target (up from $68.00) on shares of Shopify in a research note on Wednesday. BNP Paribas raised Shopify from an underperform rating to an outperform rating in a research report on Thursday, May 2nd. Finally, Royal Bank of Canada reduced their target price on shares of Shopify from $100.00 to $85.00 and set an outperform rating on the stock in a research report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $77.24.

Shopify Stock Up 1.1 %

NYSE:SHOP traded up $0.76 during trading hours on Thursday, hitting $69.31. The company had a trading volume of 10,919,824 shares, compared to its average volume of 10,422,090. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. Shopify has a 52 week low of $45.50 and a 52 week high of $91.57. The stock has a 50-day moving average price of $63.23 and a 200 day moving average price of $70.04.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.84 billion. Equities analysts anticipate that Shopify will post 0.62 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Norden Group LLC purchased a new stake in Shopify in the 1st quarter worth $3,618,000. Silvercrest Asset Management Group LLC boosted its stake in shares of Shopify by 735.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after acquiring an additional 46,589 shares during the period. DekaBank Deutsche Girozentrale grew its position in shares of Shopify by 5.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after purchasing an additional 28,639 shares in the last quarter. FIL Ltd raised its stake in Shopify by 1.8% during the 4th quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock valued at $1,035,688,000 after purchasing an additional 238,596 shares during the period. Finally, Asset Management One Co. Ltd. lifted its holdings in Shopify by 4,007.4% in the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock worth $2,807,000 after purchasing an additional 34,624 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Company Profile

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.