Shopify (NYSE:SHOP) Given New $145.00 Price Target at Royal Bank of Canada

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target boosted by research analysts at Royal Bank of Canada from $130.00 to $145.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s price target suggests a potential upside of 19.90% from the company’s current price.

A number of other equities analysts have also recently issued reports on SHOP. KeyCorp increased their target price on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Mizuho increased their price objective on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and boosted their target price for the company from $110.00 to $140.00 in a research note on Friday, December 6th. JPMorgan Chase & Co. increased their target price on shares of Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, New Street Research initiated coverage on shares of Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target on the stock. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $111.80.

Shopify Stock Down 2.1 %

Shares of SHOP traded down $2.65 during trading hours on Wednesday, hitting $120.94. 6,424,314 shares of the company were exchanged, compared to its average volume of 7,649,835. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The company has a market cap of $156.26 billion, a PE ratio of 112.81, a PEG ratio of 2.49 and a beta of 2.47. The firm’s 50 day moving average is $111.29 and its 200-day moving average is $91.82. Shopify has a 52 week low of $48.56 and a 52 week high of $125.95.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. On average, equities research analysts forecast that Shopify will post 0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in Shopify in the fourth quarter worth approximately $1,542,262,000. Baillie Gifford & Co. boosted its stake in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. FMR LLC boosted its stake in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Shopify by 30.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock worth $754,201,000 after purchasing an additional 1,647,374 shares during the period. Finally, National Bank of Canada FI increased its stake in Shopify by 28.0% in the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

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.