Shopify (NYSE:SHOP) Price Target Raised to $124.00 at JPMorgan Chase & Co.

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by JPMorgan Chase & Co. from $121.00 to $124.00 in a report released on Wednesday, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has an overweight rating on the software maker’s stock.

Several other analysts also recently weighed in on SHOP. The Goldman Sachs Group lifted their target price on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Benchmark raised Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a report on Monday. Barclays increased their target price on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Truist Financial lifted their price target on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. Finally, New Street Research assumed coverage on Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective for the company. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $125.14.

Shopify Price Performance

Shares of SHOP opened at $120.46 on Wednesday. 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 has a fifty-two week low of $48.56 and a fifty-two week high of $125.95. The firm has a 50-day simple moving average of $111.29 and a 200-day simple moving average of $91.82. The company has a market capitalization of $155.65 billion, a price-to-earnings ratio of 112.58, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 anticipate that Shopify will post 0.91 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Large investors have recently bought and sold shares of the stock. Allianz SE acquired a new stake in shares of Shopify during the 4th quarter worth $27,000. PFG Private Wealth Management LLC increased its stake in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after acquiring an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC increased its stake in Shopify by 50.0% during the fourth 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 last quarter. Brooklyn Investment Group purchased a new position in shares of Shopify in the 3rd quarter worth about $33,000. Finally, Rosenberg Matthew Hamilton lifted its stake in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares in the last quarter. Hedge funds and other institutional investors 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.