Wells Fargo & Company Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective boosted by equities researchers at Wells Fargo & Company from $120.00 to $135.00 in a research report issued on Wednesday,BayStreet.CA reports. The firm currently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 5.76% from the company’s previous close.

SHOP has been the topic of a number of other research reports. Barclays boosted their price target on Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday. Wedbush restated an “outperform” rating and issued a $125.00 price target on shares of Shopify in a research note on Tuesday. JPMorgan Chase & Co. upped their price objective on Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a research report on Wednesday. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, The Goldman Sachs Group raised their target price on Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday. One equities research 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 given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $125.14.

Shopify Price Performance

Shopify stock opened at $127.65 on Wednesday. Shopify has a 52 week low of $48.56 and a 52 week high of $128.00. The business has a 50-day simple moving average of $111.43 and a 200 day simple moving average of $92.02. 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 stock 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 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 net margin of 16.84% and a return on equity of 11.60%. On average, research analysts forecast that Shopify will post 0.91 earnings per share for the current fiscal year.

Institutional Trading of Shopify

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