Robert W. Baird Boosts Shopify (NYSE:SHOP) Price Target to $135.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective raised by Robert W. Baird from $126.00 to $135.00 in a research report released on Wednesday morning,BayStreet.CA reports. The firm currently has an outperform rating on the software maker’s stock.

A number of other analysts have also weighed in on SHOP. Wedbush restated an “outperform” rating and set a $125.00 price objective on shares of Shopify in a research note on Tuesday. Piper Sandler raised their price target on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research report on Wednesday. Canaccord Genuity Group upped their price objective on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their target price on Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, TD Securities upped their price target on Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $126.21.

Shopify Price Performance

SHOP stock opened at $128.36 on Wednesday. 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 firm has a market capitalization of $165.85 billion, a price-to-earnings ratio of 119.96, a PEG ratio of 2.49 and a beta of 2.47. The firm has a 50 day moving average price of $111.70 and a 200-day moving average price of $92.27. Shopify has a 52-week low of $48.56 and a 52-week high of $128.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS 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%. Equities research analysts forecast that Shopify will post 0.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in shares of Shopify by 73.5% in the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after acquiring an additional 253 shares during the period. CWM LLC lifted its holdings in Shopify by 14.9% in the 3rd quarter. CWM LLC now owns 14,097 shares of the software maker’s stock worth $1,130,000 after purchasing an additional 1,832 shares in the last quarter. Creative Planning boosted its stake in Shopify by 4.4% in the 3rd quarter. Creative Planning now owns 392,415 shares of the software maker’s stock worth $31,448,000 after purchasing an additional 16,375 shares during the period. NBC Securities Inc. grew its holdings in Shopify by 32.2% during the 3rd quarter. NBC Securities Inc. now owns 8,808 shares of the software maker’s stock valued at $705,000 after buying an additional 2,146 shares in the last quarter. Finally, Prospect Financial Services LLC bought a new stake in shares of Shopify during the third quarter valued at approximately $288,000. 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.