Shopify (NASDAQ:SHOP) Price Target Raised to $190.00

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price target increased by investment analysts at Robert W. Baird from $160.00 to $190.00 in a report released on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price target indicates a potential upside of 7.64% from the company’s previous close.

A number of other research firms have also issued reports on SHOP. Wedbush reaffirmed an “outperform” rating and issued a $176.00 price target on shares of Shopify in a research report on Wednesday, September 23rd. The Goldman Sachs Group boosted their price objective on Shopify from $170.00 to $194.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Piper Sandler restated an “overweight” rating on shares of Shopify in a research note on Monday, October 5th. Morgan Stanley cut shares of Shopify from an “overweight” rating to a “buy” rating in a report on Monday, July 13th. Finally, BMO Capital Markets set a $165.00 target price on shares of Shopify and gave the company an “outperform” rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average price target of $175.37.

Shopify Stock Down 1.5%

Shares of NASDAQ SHOP opened at $176.52 on Wednesday. The stock has a market cap of $227.12 billion, a P/E ratio of 119.27, a PEG ratio of 3.70 and a beta of 2.62. The company has a current ratio of 5.35, a quick ratio of 5.35 and a debt-to-equity ratio of 0.01. Shopify has a 12-month low of $94.00 and a 12-month high of $182.19. The business’s fifty day simple moving average is $147.68 and its 200-day simple moving average is $127.08.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. Shopify had a return on equity of 12.58% and a net margin of 14.53%. The firm had revenue of $3.58 billion during the quarter. During the same period in the previous year, the firm earned $0.69 earnings per share. The company’s revenue for the quarter was up 33.7% compared to the same quarter last year. As a group, equities analysts predict that Shopify will post 1.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Large investors have recently bought and sold shares of the stock. Citrine Capital LLC acquired a new stake in shares of Shopify during the third quarter worth about $238,000. Signal Advisors Wealth LLC grew its stake in Shopify by 0.5% during the 3rd quarter. Signal Advisors Wealth LLC now owns 12,589 shares of the software maker’s stock worth $1,867,000 after buying an additional 60 shares during the last quarter. Foster Group Inc. increased its position in Shopify by 3.3% during the third quarter. Foster Group Inc. now owns 2,593 shares of the software maker’s stock worth $385,000 after buying an additional 84 shares during the period. B. Riley Wealth Advisors Inc. increased its position in Shopify by 35.1% during the third quarter. B. Riley Wealth Advisors Inc. now owns 7,116 shares of the software maker’s stock worth $1,055,000 after buying an additional 1,847 shares during the period. Finally, Affinity Capital Advisors LLC purchased a new stake in Shopify in the third quarter valued at approximately $207,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

About Shopify

Shopify Inc is a commerce technology company that provides tools for businesses to start, operate and grow online and in physical retail environments. Its platform enables merchants to create and manage online stores, sell through multiple channels, process orders and payments, manage inventory and engage with customers.

Shopify’s products and services include its core commerce platform, Shopify Plus for larger businesses, Shopify Payments, Shop Pay, point-of-sale solutions and tools for marketing, shipping, analytics and customer management.