Shopify (NYSE:SHOP) PT Raised to $80.00 at Scotiabank

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target increased by Scotiabank from $75.00 to $80.00 in a report issued on Thursday morning, MarketBeat.com reports. The brokerage currently has a sector perform rating on the software maker’s stock.

SHOP has been the topic of a number of other research reports. JPMorgan Chase & Co. upped their price target on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Piper Sandler restated a “neutral” rating and set a $67.00 target price on shares of Shopify in a research report on Thursday, August 29th. Roth Mkm lifted their target price on Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and increased their price target for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Finally, Wolfe Research started coverage on shares of Shopify in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $80.21.

Shopify Price Performance

Shopify stock opened at $79.05 on Thursday. The stock’s 50 day moving average is $77.13 and its 200 day moving average is $69.04. Shopify has a one year low of $45.50 and a one year high of $91.57. The firm has a market cap of $101.87 billion, a P/E ratio of -465.00, a P/E/G ratio of 2.73 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

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

Institutional Investors Weigh In On Shopify

Several large investors have recently made changes to their positions in SHOP. Ballentine Partners LLC purchased a new stake in Shopify during the first quarter worth about $211,000. Brookstone Capital Management raised its holdings in shares of Shopify by 3.5% in the 1st quarter. Brookstone Capital Management now owns 7,646 shares of the software maker’s stock worth $590,000 after purchasing an additional 260 shares during the period. Wealthcare Advisory Partners LLC lifted its stake in Shopify by 5.3% in the first quarter. Wealthcare Advisory Partners LLC now owns 4,340 shares of the software maker’s stock valued at $335,000 after purchasing an additional 219 shares during the last quarter. Harbour Capital Advisors LLC grew its holdings in Shopify by 24.7% during the first quarter. Harbour Capital Advisors LLC now owns 6,825 shares of the software maker’s stock valued at $533,000 after purchasing an additional 1,350 shares during the period. Finally, KRS Capital Management LLC increased its position in Shopify by 18.8% in the first quarter. KRS Capital Management LLC now owns 5,380 shares of the software maker’s stock worth $415,000 after buying an additional 850 shares during the last quarter. 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.