Morgan Stanley Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by Morgan Stanley from $126.00 to $144.00 in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage currently has an “overweight” rating on the software maker’s stock. Morgan Stanley’s price target points to a potential upside of 12.81% from the stock’s previous close.

SHOP has been the subject of several other research reports. Oppenheimer upped their target price on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research note on Wednesday. Scotiabank upped their target price on Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Robert W. Baird increased their price objective on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. increased their price objective on Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Truist Financial increased their price objective on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average target price of $125.14.

Shopify Stock Up 5.9 %

Shares of NYSE SHOP opened at $127.65 on Wednesday. Shopify has a 12 month low of $48.56 and a 12 month high of $128.00. 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 firm has a market capitalization of $164.93 billion, a price-to-earnings ratio of 119.30, a PEG ratio of 2.49 and a beta of 2.47. The business has a 50-day moving average of $111.43 and a 200-day moving average 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%. Sell-side analysts expect that Shopify will post 0.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several institutional investors have recently modified their holdings of SHOP. GAMMA Investing LLC boosted its position in shares of Shopify by 73.5% during the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock valued at $48,000 after buying an additional 253 shares during the last quarter. CWM LLC boosted its position in shares of Shopify by 14.9% during the third quarter. CWM LLC now owns 14,097 shares of the software maker’s stock valued at $1,130,000 after buying an additional 1,832 shares during the last quarter. Creative Planning boosted its position in shares of Shopify by 4.4% during the third quarter. Creative Planning now owns 392,415 shares of the software maker’s stock valued at $31,448,000 after buying an additional 16,375 shares during the last quarter. NBC Securities Inc. boosted its position in Shopify by 32.2% in the third quarter. NBC Securities Inc. now owns 8,808 shares of the software maker’s stock worth $705,000 after purchasing an additional 2,146 shares during the last quarter. Finally, Prospect Financial Services LLC purchased a new position in Shopify in the third quarter worth about $288,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

About Shopify

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.