Oppenheimer Boosts Shopify (NYSE:SHOP) Price Target to $150.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective hoisted by analysts at Oppenheimer from $130.00 to $150.00 in a research note issued on Wednesday, MarketBeat.com reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Oppenheimer’s price target suggests a potential upside of 17.51% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. Wells Fargo & Company raised their price objective on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Scotiabank lifted their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Piper Sandler raised their target price on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Citigroup raised their target price on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Barclays lifted their price target on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. One investment 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $125.14.

Shopify Trading Up 5.9 %

Shopify stock opened at $127.65 on Wednesday. Shopify has a one year low of $48.56 and a one year high of $128.00. The company has a market cap of $164.93 billion, a price-to-earnings ratio of 119.30, a P/E/G ratio of 2.49 and a beta of 2.47. The firm has a 50-day moving average of $111.43 and a 200-day moving average of $92.02. 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 (NYSE:SHOP) (TSE:SHOP) last issued its 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 net margin of 16.84% and a return on equity of 11.60%. On average, equities analysts expect that Shopify will post 0.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several hedge funds and other institutional investors have recently made changes to their positions in SHOP. Norges Bank purchased a new position in Shopify in the fourth quarter valued at about $1,542,262,000. Baillie Gifford & Co. lifted its stake in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying an additional 8,131,160 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after acquiring an additional 7,316,862 shares during the period. FMR LLC increased its holdings in Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in shares of Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock worth $474,187,000 after buying an additional 3,849,796 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.