Shopify (NYSE:SHOP) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by analysts at Robert W. Baird from $90.00 to $126.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price objective suggests a potential upside of 15.51% from the company’s current price.

Several other research analysts also recently weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Barclays upped their target price on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Argus upgraded Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Wedbush reissued a “neutral” rating and set a $115.00 price objective (up from $72.00) on shares of Shopify in a report on Tuesday. Finally, Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and raised their target price for the company from $78.00 to $82.00 in a report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Stock Performance

Shares of Shopify stock opened at $109.08 on Wednesday. The business has a 50-day simple moving average of $80.36 and a 200 day simple moving average of $70.50. Shopify has a one year low of $48.56 and a one year high of $115.62. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The firm has a market capitalization of $140.76 billion, a price-to-earnings ratio of 101.94, a PEG ratio of 3.64 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09. Shopify had a return on equity of 11.94% and a net margin of 16.84%. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. On average, research analysts anticipate that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of institutional investors and hedge funds have recently modified their holdings of SHOP. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Shopify by 8.6% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,788,762 shares of the software maker’s stock worth $223,391,000 after buying an additional 220,498 shares in the last quarter. Acropolis Investment Management LLC bought a new position in Shopify in the 3rd quarter worth about $136,000. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Shopify by 10.7% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,559,921 shares of the software maker’s stock valued at $125,108,000 after acquiring an additional 150,572 shares in the last quarter. Circle Wealth Management LLC boosted its position in shares of Shopify by 65.1% during the 3rd quarter. Circle Wealth Management LLC now owns 33,163 shares of the software maker’s stock valued at $2,658,000 after acquiring an additional 13,072 shares during the last quarter. Finally, PDT Partners LLC purchased a new position in shares of Shopify during the third quarter worth about $3,270,000. 69.27% of the stock is owned by hedge funds and other 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.