Shopify Inc. (NYSE:SHOP) Receives $77.30 Consensus Target Price from Brokerages

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP has been assigned a consensus rating of "Moderate Buy" from the forty brokerages that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, fifteen have given a hold recommendation, twenty-three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $77.11.

SHOP has been the subject of several recent research reports. Needham & Company LLC reissued a "hold" rating on shares of Shopify in a research note on Thursday, May 9th. Canaccord Genuity Group decreased their price target on Shopify from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, May 9th. Roth Mkm increased their price target on Shopify from $77.00 to $79.00 and gave the company a "buy" rating in a research note on Thursday, August 8th. Piper Sandler reissued a "neutral" rating and issued a $67.00 price target on shares of Shopify in a research note on Thursday, August 29th. Finally, DA Davidson decreased their price target on Shopify from $90.00 to $84.00 and set a "buy" rating for the company in a research note on Thursday, May 9th.

Institutional Trading of Shopify

Institutional investors and hedge funds have recently modified their holdings of the business. Private Wealth Management Group LLC purchased a new stake in shares of Shopify during the fourth quarter valued at approximately $26,000. Oliver Lagore Vanvalin Investment Group increased its position in shares of Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock valued at $26,000 after acquiring an additional 200 shares during the last quarter. DSM Capital Partners LLC purchased a new stake in shares of Shopify during the fourth quarter valued at approximately $28,000. Jones Financial Companies Lllp purchased a new stake in shares of Shopify during the fourth quarter valued at approximately $28,000. Finally, Your Advocates Ltd. LLP increased its position in shares of Shopify by 4,344.4% during the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker's stock valued at $31,000 after acquiring an additional 391 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of Shopify stock traded down $0.12 during trading on Thursday, reaching $70.10. 3,294,738 shares of the company's stock were exchanged, compared to its average volume of 9,981,807. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a market cap of $90.34 billion, a P/E ratio of -412.29, a PEG ratio of 2.48 and a beta of 2.35. The firm's 50-day moving average price is $66.89 and its 200 day moving average price is $68.72.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.05 billion during the quarter, compared to analysts' expectations of $2.01 billion. During the same quarter in the prior year, the firm earned ($0.08) EPS. The business's revenue for the quarter was up 20.7% compared to the same quarter last year. As a group, research analysts anticipate that Shopify will post 0.76 earnings per share for the current year.

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.