DA Davidson Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price raised by DA Davidson from $130.00 to $150.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The firm currently has a “buy” rating on the software maker’s stock. DA Davidson’s price objective indicates a potential upside of 17.51% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Scotiabank raised their target price on shares of Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Royal Bank of Canada lifted their price objective on shares of Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday. Evercore ISI boosted their target price on shares of Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday. Atb Cap Markets downgraded Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, Piper Sandler lifted their price target on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $125.14.

Shopify Price Performance

Shares of NYSE SHOP opened at $127.65 on Wednesday. The firm has a 50-day simple moving average of $111.43 and a 200-day simple moving average of $92.02. The stock has a market capitalization of $164.93 billion, a price-to-earnings ratio of 119.30, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify has a 52 week low of $48.56 and a 52 week high of $128.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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, equities analysts predict that Shopify will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in shares of Shopify by 73.5% in the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock valued at $48,000 after purchasing an additional 253 shares during the last quarter. CWM LLC boosted its holdings in shares of Shopify by 14.9% during the 3rd quarter. CWM LLC now owns 14,097 shares of the software maker’s stock valued at $1,130,000 after acquiring an additional 1,832 shares in the last quarter. Creative Planning boosted its holdings in shares of Shopify by 4.4% during the 3rd quarter. Creative Planning now owns 392,415 shares of the software maker’s stock valued at $31,448,000 after acquiring an additional 16,375 shares in the last quarter. NBC Securities Inc. lifted its holdings in Shopify by 32.2% during the 3rd quarter. NBC Securities Inc. now owns 8,808 shares of the software maker’s stock worth $705,000 after buying an additional 2,146 shares during the period. Finally, Prospect Financial Services LLC acquired a new position in Shopify during the 3rd quarter worth about $288,000. 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.