Truist Financial Boosts Shopify (NYSE:SHOP) Price Target to $120.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective lifted by equities researchers at Truist Financial from $110.00 to $120.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the software maker’s stock. Truist Financial’s price objective indicates a potential downside of 5.99% from the company’s previous close.

A number of other research firms also recently weighed in on SHOP. Evercore ISI boosted their target price on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday. JMP Securities restated a “market outperform” rating and set a $120.00 target price on shares of Shopify in a research report on Thursday, December 12th. Royal Bank of Canada boosted their target price on Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday. Canaccord Genuity Group lifted their price objective on Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $125.14.

Shopify Trading Up 5.9 %

SHOP stock opened at $127.65 on Wednesday. The company has a market cap of $164.93 billion, a P/E ratio of 119.30, a PEG ratio of 2.49 and a beta of 2.47. Shopify has a twelve month low of $48.56 and a twelve month high of $128.00. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The business has a fifty day moving average of $111.43 and a 200-day moving average of $92.02.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. As a group, equities research analysts expect that Shopify will post 0.91 EPS for the current year.

Institutional Trading of Shopify

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Fairfield Bush & CO. raised its holdings in Shopify by 6.0% during the fourth quarter. Fairfield Bush & CO. now owns 22,009 shares of the software maker’s stock worth $2,340,000 after acquiring an additional 1,254 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in Shopify by 10.6% in the fourth quarter. Canada Pension Plan Investment Board now owns 4,420,836 shares of the software maker’s stock valued at $469,911,000 after buying an additional 423,000 shares during the period. Strategic Investment Solutions Inc. IL acquired a new position in shares of Shopify in the fourth quarter valued at approximately $46,000. Marshall Wace LLP grew its position in shares of Shopify by 623.8% in the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock valued at $198,932,000 after purchasing an additional 2,228,091 shares during the last quarter. Finally, NewEdge Advisors LLC grew its position in shares of Shopify by 37.4% in the fourth quarter. NewEdge Advisors LLC now owns 59,468 shares of the software maker’s stock valued at $6,323,000 after purchasing an additional 16,194 shares during the last quarter. 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.