Shopify (NYSE:SHOP) Given New $100.00 Price Target at Royal Bank of Canada

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by Royal Bank of Canada from $85.00 to $100.00 in a research note released on Friday, MarketBeat.com reports. They currently have an outperform rating on the software maker’s stock.

SHOP has been the topic of several other reports. Wolfe Research assumed coverage on Shopify in a research report on Tuesday, July 16th. They set an “outperform” rating and a $80.00 price target on the stock. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and lifted their price target for the company from $78.00 to $82.00 in a research report on Tuesday, July 16th. Evercore ISI upped 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. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 target price on shares of Shopify in a report on Tuesday, September 10th. Finally, Robert W. Baird increased their price target on shares of Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.36.

Shopify Trading Up 1.3 %

Shares of NYSE:SHOP opened at $82.69 on Friday. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. The stock has a market cap of $106.56 billion, a price-to-earnings ratio of 84.38, a PEG ratio of 2.80 and a beta of 2.36. The business has a 50-day moving average price of $76.26 and a 200-day moving average price of $68.93.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. The business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.08) EPS. Equities analysts predict that Shopify will post 0.76 EPS for the current year.

Institutional Trading of Shopify

Several hedge funds have recently made changes to their positions in SHOP. Oliver Lagore Vanvalin Investment Group increased its stake in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares during the period. Cultivar Capital Inc. acquired a new stake in shares of Shopify in the second quarter valued at $33,000. Hazlett Burt & Watson Inc. purchased a new position in Shopify in the second quarter valued at $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Shopify during the 2nd quarter worth about $39,000. Finally, Private Wealth Management Group LLC raised its position in Shopify by 53.3% in the 1st quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock valued at $40,000 after purchasing an additional 180 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.