ATB Capital Increases Shopify (NYSE:SHOP) Price Target to $170.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price upped by equities researchers at ATB Capital from $145.00 to $170.00 in a report released on Wednesday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the software maker’s stock. ATB Capital’s price objective suggests a potential upside of 39.06% from the company’s current price.

SHOP has been the subject of several other reports. Scotiabank raised their target price on shares of Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research note on Wednesday. Robert W. Baird raised their target price on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wedbush reissued an “outperform” rating and issued a $125.00 price target on shares of Shopify in a report on Tuesday. Oppenheimer increased 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. Finally, Citigroup increased their price target on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $125.14.

Shopify Stock Performance

NYSE:SHOP traded down $1.34 during mid-day trading on Wednesday, hitting $122.25. The stock had a trading volume of 8,897,011 shares, compared to its average volume of 7,737,990. Shopify has a twelve month low of $48.56 and a twelve month high of $125.95. The stock has a market cap of $157.96 billion, a price-to-earnings ratio of 114.25, a PEG ratio of 2.49 and a beta of 2.47. The company’s 50 day simple moving average is $111.29 and its 200 day simple moving average is $91.82. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10.

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

Institutional Trading of Shopify

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Shopify during the fourth quarter worth $1,542,262,000. Baillie Gifford & Co. lifted its holdings in shares of Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after purchasing an additional 7,316,862 shares during the period. FMR LLC lifted its holdings in shares of Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Shopify by 30.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock worth $754,201,000 after purchasing an additional 1,647,374 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.