Shopify (NYSE:SHOP) Price Target Raised to $160.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective boosted by CIBC from $135.00 to $160.00 in a research note released on Wednesday morning,BayStreet.CA reports. The brokerage currently has an outperform rating on the software maker’s stock.

A number of other research analysts also recently issued reports on the company. TD Securities lifted their price target on Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday. Wells Fargo & Company increased their price target on shares of Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft raised their price target on shares of Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday. JMP Securities reissued a “market outperform” rating and set a $120.00 target price on shares of Shopify in a research report on Thursday, December 12th. Finally, Barclays lifted their price target on shares of Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $126.21.

Shopify Stock Performance

SHOP stock opened at $128.36 on Wednesday. Shopify has a 1-year low of $48.56 and a 1-year high of $128.57. The business has a 50-day moving average price of $111.70 and a 200 day moving average price of $92.27. The company has a market capitalization of $165.85 billion, a P/E ratio of 119.96, a PEG ratio of 2.49 and a beta of 2.47. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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%. As a group, equities research analysts forecast that Shopify will post 0.91 EPS for the current fiscal year.

Institutional Trading of Shopify

A number of hedge funds have recently added to or reduced their stakes in SHOP. Allianz SE acquired a new position in shares of Shopify in the fourth quarter worth about $27,000. PFG Private Wealth Management LLC increased its stake in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC raised its holdings in Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares during the period. Brooklyn Investment Group purchased a new position in Shopify during the third quarter worth approximately $33,000. Finally, Rosenberg Matthew Hamilton grew its holdings in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 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.