Shopify (NYSE:SHOP) Price Target Raised to $150.00 at The Goldman Sachs Group

Shopify (NYSE:SHOPFree Report) (TSE:SHOP) had its target price raised by The Goldman Sachs Group from $135.00 to $150.00 in a report published on Wednesday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the software maker’s stock.

A number of other brokerages have also issued reports on SHOP. Evercore ISI raised their price target on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a report on Wednesday. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $120.00 price target on shares of Shopify in a research note on Wednesday. Wells Fargo & Company boosted their price objective on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $125.00 target price on shares of Shopify in a research report on Tuesday. One analyst has rated the stock with a sell rating, fourteen have given 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, Shopify currently has an average rating of “Moderate Buy” and an average price target of $126.21.

Check Out Our Latest Analysis on Shopify

Shopify Stock Performance

Shares of SHOP opened at $128.36 on Wednesday. Shopify has a 52-week low of $48.56 and a 52-week high of $128.57. The company has a market capitalization of $165.85 billion, a PE ratio of 119.96, a P/E/G ratio of 2.49 and a beta of 2.47. The company has a 50-day simple moving average of $111.70 and a 200-day simple moving average of $92.27. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

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

Hedge Funds Weigh In On Shopify

Several institutional investors have recently made changes to their positions in SHOP. Norges Bank acquired a new position in shares of Shopify during the fourth quarter valued at $1,542,262,000. Baillie Gifford & Co. boosted its holdings in shares of Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after purchasing an additional 7,316,862 shares during the period. FMR LLC grew its holdings 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 during the period. Finally, Alliancebernstein L.P. raised its holdings in shares of Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock worth $474,187,000 after purchasing an additional 3,849,796 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

About Shopify

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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.

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