Shopify (NYSE:SHOP) Price Target Increased to $90.00 by Analysts at Robert W. Baird

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective upped by analysts at Robert W. Baird from $79.00 to $90.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s target price indicates a potential upside of 8.99% from the company’s current price.

Several other research firms have also recently weighed in on SHOP. JMP Securities reissued a “market outperform” rating and issued a $80.00 target price on shares of Shopify in a research note on Tuesday, September 10th. KeyCorp began coverage on shares of Shopify in a report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price on the stock. Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 price target on shares of Shopify in a report on Monday. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Finally, Evercore ISI lifted their target price on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have issued 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 has an average rating of “Moderate Buy” and an average price target of $78.72.

Shopify Stock Up 2.1 %

Shopify stock opened at $82.58 on Wednesday. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a fifty day simple moving average of $72.21 and a 200 day simple moving average of $68.52. The company has a market cap of $106.42 billion, a P/E ratio of -485.76, a price-to-earnings-growth ratio of 2.65 and a beta of 2.36.

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

Hedge Funds Weigh In On Shopify

Several institutional investors and hedge funds have recently added to or reduced their stakes in SHOP. Massmutual Trust Co. FSB ADV increased its holdings in shares of Shopify by 7.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after buying an additional 129 shares in the last quarter. Willis Johnson & Associates Inc. grew its position in Shopify by 5.8% during the 1st quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock worth $211,000 after acquiring an additional 149 shares during the last quarter. Valley National Advisers Inc. increased its holdings in Shopify by 11.4% in the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock worth $114,000 after purchasing an additional 152 shares in the last quarter. Guardian Asset Advisors LLC raised its position in Shopify by 3.0% in the third quarter. Guardian Asset Advisors LLC now owns 5,582 shares of the software maker’s stock valued at $447,000 after purchasing an additional 160 shares during the last quarter. Finally, Axiom Advisory LLC boosted its stake in shares of Shopify by 1.6% during the third quarter. Axiom Advisory LLC now owns 10,880 shares of the software maker’s stock valued at $872,000 after purchasing an additional 170 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

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.