Shopify (NYSE:SHOP) Stock Price Expected to Rise, Truist Financial Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lifted by investment analysts at Truist Financial from $65.00 to $110.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the software maker’s stock. Truist Financial’s price target points to a potential upside of 0.84% from the stock’s current price.

Several other research firms also recently commented on SHOP. Morgan Stanley upped their price objective on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Barclays upped their price target on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Wedbush reiterated a “neutral” rating and issued a $115.00 price objective (up from $72.00) on shares of Shopify in a research report on Tuesday. JMP Securities upped their price objective on shares of Shopify from $80.00 to $120.00 and gave the stock a “market outperform” rating in a research report on Wednesday. Finally, Royal Bank of Canada raised their target price on shares of Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Stock Performance

Shares of SHOP opened at $109.08 on Wednesday. The company’s 50 day simple moving average is $80.36 and its 200-day simple moving average is $70.50. The firm has a market cap of $140.76 billion, a PE ratio of 101.94, a price-to-earnings-growth ratio of 3.71 and a beta of 2.36. Shopify has a 12-month low of $48.56 and a 12-month high of $115.62. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.60%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.11 billion. As a group, equities analysts predict that Shopify will post 0.76 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group raised its position in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new stake in Shopify in the 2nd quarter worth approximately $33,000. Hazlett Burt & Watson Inc. purchased a new stake in Shopify in the 2nd quarter worth approximately $33,000. Brooklyn Investment Group acquired a new position in Shopify in the 3rd quarter valued at $33,000. Finally, Rosenberg Matthew Hamilton lifted its stake in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the period. 69.27% of the stock is currently owned by hedge funds and other 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.