Loop Capital Raises Shopify (NYSE:SHOP) Price Target to $90.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by Loop Capital from $80.00 to $90.00 in a report published on Wednesday, Benzinga reports. They currently have a hold rating on the software maker’s stock.

Other equities research analysts have also issued research reports about the company. Evercore ISI boosted their price objective on Shopify from $75.00 to $80.00 and gave the stock an outperform rating in a research report on Thursday, August 8th. Wedbush reiterated a neutral rating and issued a $72.00 price target (up previously from $68.00) on shares of Shopify in a research report on Wednesday, August 7th. Redburn Atlantic upgraded Shopify from a neutral rating to a buy rating and set a $99.00 price target on the stock in a research report on Tuesday, September 17th. Piper Sandler reiterated a neutral rating and issued a $67.00 price target on shares of Shopify in a research report on Thursday, August 29th. Finally, Barclays upped their price target on Shopify from $65.00 to $70.00 and gave the company an equal weight rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $78.97.

Shopify Trading Up 0.6 %

Shares of SHOP stock opened at $83.24 on Wednesday. The firm has a market capitalization of $107.27 billion, a P/E ratio of 84.94, a P/E/G ratio of 2.79 and a beta of 2.36. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock’s fifty day simple moving average is $74.19 and its 200 day simple moving average is $68.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. Shopify’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.08) EPS. As a group, sell-side analysts predict that Shopify will post 0.76 EPS for the current fiscal year.

Institutional Trading of Shopify

Several institutional investors and hedge funds have recently modified their holdings of the stock. Capital World Investors raised its stake in shares of Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after purchasing an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Shopify by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares during the last quarter. GQG Partners LLC grew its holdings in shares of Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after acquiring an additional 13,885,473 shares in the last quarter. Finally, Capital International Investors grew its holdings in shares of Shopify by 3.4% in the first quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock valued at $1,264,982,000 after acquiring an additional 542,503 shares in the last quarter. 69.27% of the stock is 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.