Shopify Inc. (SHOP) Price Target Raised to $146.00 at Macquarie

Shopify Inc. (NYSE:SHOP) (TSE:SH) had its price objective hoisted by Macquarie from $121.00 to $146.00 in a research report sent to investors on Wednesday, The Fly reports. The firm currently has an outperform rating on the software maker’s stock.

SHOP has been the topic of several other research reports. Wedbush reissued an outperform rating and set a $115.00 target price (up previously from $100.00) on shares of Shopify in a research report on Tuesday, August 8th. Barclays PLC reissued an equal weight rating and set a $90.00 target price (up previously from $70.00) on shares of Shopify in a research report on Wednesday, August 2nd. Robert W. Baird lifted their target price on shares of Shopify from $95.00 to $110.00 and gave the stock an outperform rating in a research report on Wednesday, August 2nd. Canaccord Genuity reissued a buy rating and set a $115.00 target price (up previously from $90.00) on shares of Shopify in a research report on Wednesday, August 2nd. Finally, Vetr raised shares of Shopify from a buy rating to a strong-buy rating and set a $107.76 target price on the stock in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $94.80.

Shares of Shopify (SHOP) opened at 120.27 on Wednesday. Shopify has a 12-month low of $37.74 and a 12-month high of $123.94. The company’s market cap is $11.85 billion. The company’s 50-day moving average price is $120.50 and its 200 day moving average price is $120.50.

Shopify (NYSE:SHOP) (TSE:SH) last announced its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The business had revenue of $151.70 million for the quarter, compared to analysts’ expectations of $143.94 million. During the same quarter last year, the firm earned ($0.04) EPS. The firm’s revenue for the quarter was up 75.2% compared to the same quarter last year. Equities analysts predict that Shopify will post ($0.04) earnings per share for the current year.

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Several hedge funds and other institutional investors have recently bought and sold shares of SHOP. Russell Investments Group Ltd. lifted its holdings in shares of Shopify by 81.5% during the 1st quarter. Russell Investments Group Ltd. now owns 85,786 shares of the software maker’s stock worth $5,840,000 after acquiring an additional 38,522 shares during the last quarter. Great West Life Assurance Co. Can lifted its holdings in shares of Shopify by 223.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 22,595 shares of the software maker’s stock worth $1,537,000 after acquiring an additional 15,600 shares during the last quarter. Comerica Bank bought a new stake in shares of Shopify during the 1st quarter worth $327,000. Swiss National Bank lifted its holdings in shares of Shopify by 10.4% during the 1st quarter. Swiss National Bank now owns 107,300 shares of the software maker’s stock worth $7,319,000 after acquiring an additional 10,100 shares during the last quarter. Finally, Toronto Dominion Bank lifted its holdings in shares of Shopify by 148.1% during the 1st quarter. Toronto Dominion Bank now owns 1,630 shares of the software maker’s stock worth $111,000 after acquiring an additional 973 shares during the last quarter. 53.77% of the stock is owned by institutional investors.

Shopify Company Profile

Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.

The Fly

Analyst Recommendations for Shopify (NYSE:SHOP)

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