JPMorgan Chase & Co. Raises Shopify (NYSE:SHOP) Price Target to $124.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective hoisted by JPMorgan Chase & Co. from $121.00 to $124.00 in a note issued to investors on Wednesday, MarketBeat.com reports. The firm presently has an “overweight” rating on the software maker’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential downside of 2.86% from the company’s current price.

Other research analysts have also issued research reports about the stock. Evercore ISI increased their price target on shares of Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday. Scotiabank upped their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. New Street Research assumed coverage on shares of Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective for the company. Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a report on Monday. Finally, Oppenheimer upped their price objective on shares of Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a report 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $125.14.

Shopify Stock Performance

Shares of SHOP opened at $127.65 on Wednesday. The company’s fifty day moving average is $111.43 and its 200-day moving average is $92.02. Shopify has a 12 month low of $48.56 and a 12 month high of $128.00. The firm has a market cap 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 (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results 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 expect that Shopify will post 0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Institutional investors and hedge funds have recently modified their holdings of the business. Allianz SE bought a new stake in shares of Shopify during the fourth quarter worth approximately $27,000. PFG Private Wealth Management LLC raised its stake in shares of 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 buying an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC raised its stake in shares of 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 buying an additional 100 shares during the last quarter. Brooklyn Investment Group acquired a new position in Shopify during the third quarter valued at approximately $33,000. Finally, Rosenberg Matthew Hamilton grew its holdings in Shopify by 41.3% during the third 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 period. 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.