Canaccord Genuity Group Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price hoisted by analysts at Canaccord Genuity Group from $125.00 to $140.00 in a research note issued on Wednesday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the software maker’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 9.68% from the company’s previous close.

Other analysts have also issued reports about the stock. Mizuho lifted their target price on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. JMP Securities reissued a “market outperform” rating and set a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. New Street Research initiated coverage on shares of Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 price target for the company. Piper Sandler lifted their price target on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Citigroup lifted their price target on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average price target of $125.14.

Shopify Price Performance

NYSE SHOP opened at $127.65 on Wednesday. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a market cap of $164.93 billion, a P/E ratio of 119.30, a P/E/G ratio of 2.49 and a beta of 2.47. The company has a fifty day simple moving average of $111.43 and a 200 day simple moving average of $92.02. Shopify has a 1 year low of $48.56 and a 1 year high of $128.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) 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%. On average, sell-side analysts predict that Shopify will post 0.91 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allianz SE acquired a new position in Shopify during the fourth quarter worth $27,000. PFG Private Wealth Management LLC boosted its holdings in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after purchasing an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC boosted its holdings in Shopify by 50.0% during the fourth 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 last quarter. New Wave Wealth Advisors LLC acquired a new position in Shopify during the fourth quarter worth $39,000. Finally, Mather Group LLC. boosted its holdings in Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after purchasing an additional 184 shares during the last quarter. Institutional investors and hedge funds 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.