Shopify (NYSE:SHOP) Given New $140.00 Price Target at Canaccord Genuity Group

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price hoisted by Canaccord Genuity Group from $125.00 to $140.00 in a report issued on Wednesday morning, MarketBeat reports. Canaccord Genuity Group currently has a buy rating on the software maker’s stock.

A number of other research firms have also recently commented on SHOP. Citigroup upped their price objective on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday. The Goldman Sachs Group upped their price target on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Truist Financial raised their price objective on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Moffett Nathanson upped their target price on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, Robert W. Baird lifted their price target on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average target price of $125.14.

Shopify Stock Performance

NYSE SHOP opened at $120.46 on Wednesday. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $125.95. The firm has a market capitalization of $155.65 billion, a P/E ratio of 112.58, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The stock’s fifty day moving average is $111.29 and its two-hundred day 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 released its quarterly earnings data 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 return on equity of 11.60% and a net margin of 16.84%. On average, research analysts anticipate that Shopify will post 0.91 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allianz SE acquired a new stake in shares of Shopify during the fourth quarter worth about $27,000. PFG Private Wealth Management LLC raised its stake in Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after acquiring an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC lifted its position in Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares during the period. New Wave Wealth Advisors LLC purchased a new position in shares of Shopify in the 4th quarter valued at approximately $39,000. Finally, Mather Group LLC. increased its holdings in shares of Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after purchasing an additional 184 shares during the period. 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.