Shopify (NYSE:SHOP) Given New $96.00 Price Target at Citigroup

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective hoisted by Citigroup from $95.00 to $96.00 in a research report sent to investors on Wednesday morning, Marketbeat reports. The brokerage currently has a buy rating on the software maker’s stock.

A number of other research firms have also issued reports on SHOP. Mizuho dropped their target price on shares of Shopify from $75.00 to $65.00 and set a neutral rating for the company in a report on Thursday, May 9th. Wells Fargo & Company lowered their price target on shares of Shopify from $85.00 to $75.00 and set an overweight rating on the stock in a research report on Thursday, May 9th. Benchmark reissued a hold rating on shares of Shopify in a research report on Tuesday, May 7th. JPMorgan Chase & Co. began coverage on shares of Shopify in a research report on Tuesday, June 11th. They set an overweight rating and a $74.00 price target on the stock. Finally, Piper Sandler raised shares of Shopify from an underweight rating to a neutral rating and set a $63.00 price target on the stock in a research report on Thursday, May 9th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $76.42.

Shopify Price Performance

Shopify stock opened at $65.44 on Wednesday. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. The firm has a market capitalization of $84.33 billion, a price-to-earnings ratio of -384.94, a PEG ratio of 3.25 and a beta of 2.27. The company has a fifty day simple moving average of $64.41 and a 200-day simple moving average of $73.15. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.84 billion. On average, equities analysts anticipate that Shopify will post 0.61 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its stake in Shopify by 73.3% in the first quarter. EverSource Wealth Advisors LLC now owns 2,439 shares of the software maker’s stock valued at $171,000 after purchasing an additional 1,032 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in Shopify by 5.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after purchasing an additional 28,639 shares during the last quarter. Cambridge Trust Co. increased its stake in Shopify by 390.4% in the first quarter. Cambridge Trust Co. now owns 1,790 shares of the software maker’s stock valued at $138,000 after purchasing an additional 1,425 shares during the last quarter. EULAV Asset Management increased its stake in Shopify by 17.6% in the first quarter. EULAV Asset Management now owns 120,000 shares of the software maker’s stock valued at $9,260,000 after purchasing an additional 18,000 shares during the last quarter. Finally, Soltis Investment Advisors LLC increased its stake in Shopify by 16.7% in the first quarter. Soltis Investment Advisors LLC now owns 4,238 shares of the software maker’s stock valued at $327,000 after purchasing an additional 607 shares during the last quarter. 69.27% of the stock is currently 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.