JPMorgan Chase & Co. Increases Shopify (NYSE:SHOP) Price Target to $124.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective lifted by investment analysts at JPMorgan Chase & Co. from $121.00 to $124.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 4.20% from the stock’s previous close.

A number of other research firms also recently issued reports on SHOP. The Goldman Sachs Group raised their price target on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald restated a “neutral” rating and set a $120.00 target price on shares of Shopify in a research report on Wednesday. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. JMP Securities reissued a “market outperform” rating and set a $120.00 price objective on shares of Shopify in a research report on Thursday, December 12th. Finally, Citigroup boosted their price target on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, fourteen have given 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 has a consensus rating of “Moderate Buy” and a consensus price target of $109.60.

Shopify Stock Performance

NYSE:SHOP traded down $4.59 during mid-day trading on Wednesday, reaching $119.00. The company’s stock had a trading volume of 3,587,609 shares, compared to its average volume of 7,508,862. The firm’s fifty day moving average price is $111.29 and its two-hundred day moving average price is $91.82. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a market cap of $153.76 billion, a P/E ratio of 111.22, a PEG ratio of 2.49 and a beta of 2.47. Shopify has a 12-month low of $48.56 and a 12-month high of $125.95.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data 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, equities analysts forecast that Shopify will post 0.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHOP. PFG Private Wealth Management LLC boosted its position in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC boosted its position in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Shopify in the third quarter worth $33,000. Rosenberg Matthew Hamilton increased its holdings in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the period. Finally, New Wave Wealth Advisors LLC purchased a new position in shares of Shopify in the fourth quarter worth about $39,000. 69.27% of the stock is currently owned by 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.