Shopify (NYSE:SHOP) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target raised by Royal Bank of Canada from $130.00 to $145.00 in a report issued on Wednesday, MarketBeat.com reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 13.60% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. New Street Research started coverage on shares of Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 price target on the stock. DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Robert W. Baird boosted their price target on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Oppenheimer boosted their price target on shares of Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and boosted their price target for the company from $110.00 to $140.00 in a research report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $125.14.

Shopify Stock Up 5.9 %

Shares of NYSE:SHOP opened at $127.65 on Wednesday. The firm has a fifty day moving average price of $111.43 and a two-hundred day moving average price 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 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 PEG ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly 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%. Analysts anticipate that Shopify will post 0.91 EPS for the current fiscal year.

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tidemark LLC increased its stake in shares of Shopify by 3.6% in the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock worth $276,000 after purchasing an additional 90 shares in the last quarter. Howland Capital Management LLC increased its stake in shares of Shopify by 2.0% in the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock worth $526,000 after purchasing an additional 99 shares in the last quarter. Trust Co. of Vermont increased its stake in shares of Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock worth $118,000 after purchasing an additional 100 shares in the last quarter. First United Bank & Trust increased its stake in shares of Shopify by 2.2% in the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock worth $488,000 after purchasing an additional 100 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC increased its stake in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares in the last quarter. 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.