Robert W. Baird Increases Shopify (NYSE:SHOP) Price Target to $90.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective hoisted by equities research analysts at Robert W. Baird from $79.00 to $90.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price objective indicates a potential upside of 8.81% from the stock’s current price.

SHOP has been the subject of a number of other reports. Piper Sandler reissued a “neutral” rating and set a $67.00 target price on shares of Shopify in a research note on Thursday, August 29th. Barclays upped their target price on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $70.00 price target on shares of Shopify in a research note on Monday. Argus raised Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Finally, Morgan Stanley lifted their target price on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $78.97.

Shopify Stock Performance

Shopify stock opened at $82.71 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The firm has a market capitalization of $106.59 billion, a P/E ratio of 84.40, a price-to-earnings-growth ratio of 2.79 and a beta of 2.36. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The company’s 50-day moving average is $73.12 and its 200 day moving average is $68.65.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the prior year, the business posted ($0.08) earnings per share. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. Research analysts forecast that Shopify will post 0.76 EPS for the current year.

Institutional Trading of Shopify

Several institutional investors and hedge funds have recently bought and sold shares of SHOP. Cresset Asset Management LLC increased its holdings in Shopify by 1.4% in the fourth quarter. Cresset Asset Management LLC now owns 104,481 shares of the software maker’s stock valued at $8,139,000 after buying an additional 1,460 shares in the last quarter. MGO One Seven LLC grew its stake in Shopify by 55.4% during the 4th quarter. MGO One Seven LLC now owns 22,623 shares of the software maker’s stock valued at $1,762,000 after acquiring an additional 8,067 shares in the last quarter. Icon Wealth Advisors LLC acquired a new stake in Shopify in the 4th quarter valued at about $644,000. Garner Asset Management Corp purchased a new position in Shopify in the 4th quarter worth approximately $429,000. Finally, LM Advisors LLC acquired a new position in shares of Shopify during the 4th quarter worth approximately $412,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.