Barclays Raises Shopify (NYSE:SHOP) Price Target to $70.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective increased by Barclays from $65.00 to $70.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the software maker’s stock. Barclays‘s price objective would indicate a potential downside of 11.12% from the company’s current price.

Other research analysts have also recently issued reports about the company. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Shopify in a report on Monday. Wolfe Research initiated coverage on shares of Shopify in a report on Tuesday, July 16th. They set an “outperform” rating and a $80.00 target price for the company. Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective for the company in a research note on Tuesday, September 17th. Deutsche Bank Aktiengesellschaft upped their price objective on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Finally, Evercore ISI raised their target price on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $78.38.

Shopify Price Performance

Shopify stock traded down $1.38 during trading hours on Tuesday, hitting $78.76. 2,657,296 shares of the stock were exchanged, compared to its average volume of 9,585,115. The stock has a market capitalization of $101.50 billion, a P/E ratio of -461.88, a P/E/G ratio of 2.69 and a beta of 2.35. The business’s 50-day moving average is $70.25 and its two-hundred day moving average is $68.48. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. Shopify has a 12 month low of $45.50 and a 12 month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the prior year, the company earned ($0.08) EPS. Shopify’s revenue for the quarter was up 20.7% on a year-over-year basis. Equities research analysts expect that Shopify will post 0.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently bought and sold shares of the stock. Norden Group LLC acquired a new stake in Shopify during the 1st quarter worth approximately $3,618,000. Silvercrest Asset Management Group LLC lifted its holdings in shares of Shopify by 735.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after buying an additional 46,589 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Shopify by 5.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after buying an additional 28,639 shares in the last quarter. FIL Ltd boosted its position in shares of Shopify by 1.8% in the fourth quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock valued at $1,035,688,000 after acquiring an additional 238,596 shares during the period. Finally, Vanguard Group Inc. increased its position in Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after acquiring an additional 713,064 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.