Shopify (NYSE:SHOP) Price Target Increased to $90.00 by Analysts at Loop Capital

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by Loop Capital from $80.00 to $90.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the software maker’s stock. Loop Capital’s price objective would suggest a potential upside of 8.70% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Evercore increased their target price on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Piper Sandler restated a “neutral” rating and issued a $67.00 target price on shares of Shopify in a report on Thursday, August 29th. UBS Group increased their price target on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. KeyCorp began coverage on Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective for the company. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $70.00 price objective on shares of Shopify in a report on Monday. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.97.

Shopify Stock Up 0.3 %

SHOP stock opened at $82.80 on Wednesday. Shopify has a 52 week low of $45.50 and a 52 week high of $91.57. The business has a 50-day simple moving average of $72.68 and a 200 day simple moving average of $68.54. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The company has a market cap of $106.70 billion, a PE ratio of -487.06, a price-to-earnings-growth ratio of 2.65 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.08) EPS. Sell-side analysts anticipate that Shopify will post 0.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of hedge funds have recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group increased its stake in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new stake in Shopify in the second quarter worth $33,000. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify during the second quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Shopify during the second quarter valued at $39,000. Finally, Private Wealth Management Group LLC grew its holdings in shares of Shopify by 53.3% in the first quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock worth $40,000 after purchasing an additional 180 shares during the last quarter. 69.27% of the stock is currently 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.