Oppenheimer Raises Shopify (NYSE:SHOP) Price Target to $150.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective hoisted by Oppenheimer from $130.00 to $150.00 in a report published on Wednesday morning, Marketbeat reports. They currently have an outperform rating on the software maker’s stock.

A number of other research firms have also recently weighed in on SHOP. Wedbush reaffirmed an “outperform” rating and issued a $125.00 price objective on shares of Shopify in a report on Tuesday. Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Piper Sandler boosted their price objective on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Moffett Nathanson raised their target price on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, Truist Financial boosted their price target on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $125.14.

Shopify Price Performance

SHOP opened at $120.46 on Wednesday. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The company’s 50-day moving average price is $111.29 and its 200 day moving average price is $91.82. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $125.95. The firm has a market cap of $155.65 billion, a price-to-earnings ratio of 112.58, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results 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 return on equity of 11.60% and a net margin of 16.84%. As a group, sell-side analysts expect that Shopify will post 0.91 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Large investors have recently made changes to their positions in the company. Allianz SE bought a new stake in Shopify in the fourth quarter worth approximately $27,000. PFG Private Wealth Management LLC lifted its position in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after buying an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC boosted its stake in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Shopify during the 3rd quarter valued at about $33,000. Finally, Rosenberg Matthew Hamilton raised its stake in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

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.