Shopify (NYSE:SHOP) Price Target Raised to $100.00 at Royal Bank of Canada

Shopify (NYSE:SHOP - Free Report) TSE: SHOP had its target price upped by Royal Bank of Canada from $85.00 to $100.00 in a research report report published on Friday morning, MarketBeat Ratings reports. They currently have an outperform rating on the software maker's stock.

Several other research firms also recently commented on SHOP. Loop Capital raised their price objective on shares of Shopify from $80.00 to $90.00 and gave the stock a "hold" rating in a report on Wednesday, October 9th. Citigroup increased their target price on shares of Shopify from $90.00 to $103.00 and gave the stock a "buy" rating in a research note on Monday, September 30th. Redburn Atlantic upgraded shares of Shopify from a "neutral" rating to a "buy" rating and set a $99.00 target price on the stock in a research note on Tuesday, September 17th. KeyCorp started coverage on shares of Shopify in a research note on Thursday, July 25th. They issued an "overweight" rating and a $80.00 target price on the stock. Finally, Morgan Stanley increased their target price on shares of Shopify from $80.00 to $85.00 and gave the stock an "overweight" rating in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $79.36.

Shopify Stock Performance

SHOP traded up $1.06 during midday trading on Friday, reaching $82.69. The company had a trading volume of 3,861,359 shares, compared to its average volume of 9,290,721. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The stock has a market cap of $106.56 billion, a PE ratio of 84.41, a P/E/G ratio of 2.80 and a beta of 2.36. Shopify has a 12-month low of $45.50 and a 12-month high of $91.57. The business has a 50-day moving average price of $75.99 and a two-hundred day moving average price of $68.90.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.20 by $0.06. The firm had revenue of $2.05 billion for the quarter, compared to analysts' expectations of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The company's quarterly revenue was up 20.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.08) earnings per share. On average, sell-side analysts expect that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Large investors have recently modified their holdings of the stock. Oliver Lagore Vanvalin Investment Group boosted its stake in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock worth $26,000 after acquiring an additional 200 shares in the last quarter. Cultivar Capital Inc. bought a new stake in Shopify during the second quarter worth about $33,000. Hazlett Burt & Watson Inc. bought a new stake in Shopify during the second quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Shopify during the second quarter worth about $39,000. Finally, Private Wealth Management Group LLC boosted its stake in Shopify by 53.3% during the first quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker's stock worth $40,000 after acquiring an additional 180 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.