CIBC Boosts Shopify (NYSE:SHOP) Price Target to $160.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price upped by analysts at CIBC from $135.00 to $160.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the software maker’s stock. CIBC’s price objective would suggest a potential upside of 25.35% from the stock’s current price.

SHOP has been the subject of several other research reports. Mizuho lifted their price objective on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Robert W. Baird lifted their price objective on Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday. Piper Sandler lifted their price objective on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday. New Street Research initiated coverage on Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 price target for the company. Finally, Wells Fargo & Company boosted their price target on Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $125.14.

Shopify Stock Up 5.9 %

SHOP stock opened at $127.65 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify has a 1-year low of $48.56 and a 1-year high of $128.00. The stock has a market capitalization 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 business has a fifty day moving average price of $111.43 and a 200-day moving average price of $92.02.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 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%. Equities analysts forecast that Shopify will post 0.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Institutional investors have recently modified their holdings of the stock. Allianz SE bought a new stake in shares of Shopify in the 4th quarter valued at approximately $27,000. PFG Private Wealth Management LLC lifted its stake in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC lifted its stake in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. Brooklyn Investment Group bought a new stake in shares of Shopify in the 3rd quarter valued at approximately $33,000. Finally, Rosenberg Matthew Hamilton lifted its stake in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

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.