Shopify (NYSE:SHOP) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price objective upped by research analysts at Royal Bank of Canada from $100.00 to $130.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the software maker's stock. Royal Bank of Canada's target price suggests a potential upside of 12.92% from the company's current price.

Other equities research analysts have also recently issued research reports about the company. Piper Sandler increased their price objective on Shopify from $67.00 to $94.00 and gave the stock a "neutral" rating in a report on Wednesday. Robert W. Baird increased their price objective on Shopify from $90.00 to $126.00 and gave the stock an "outperform" rating in a report on Wednesday. Canaccord Genuity Group increased their price objective on Shopify from $80.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday. Loop Capital increased their price objective on Shopify from $80.00 to $90.00 and gave the stock a "hold" rating in a report on Wednesday, October 9th. Finally, Scotiabank increased their price objective on Shopify from $75.00 to $80.00 and gave the stock a "sector perform" rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $94.95.

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Shopify Trading Up 5.7 %

Shares of NYSE SHOP traded up $6.21 during midday trading on Wednesday, reaching $115.13. The company had a trading volume of 20,620,908 shares, compared to its average volume of 9,338,650. Shopify has a one year low of $48.56 and a one year high of $115.62. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm's fifty day moving average price is $79.47 and its 200-day moving average price is $70.18. The stock has a market cap of $148.56 billion, a PE ratio of 104.86, a price-to-earnings-growth ratio of 3.64 and a beta of 2.36.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.18 by $0.09. Shopify had a return on equity of 11.94% and a net margin of 16.84%. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.11 billion. On average, equities research analysts anticipate that Shopify will post 0.76 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Institutional investors and hedge funds have recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group boosted its stake in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock worth $26,000 after buying an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new position in shares of Shopify in the 2nd quarter worth $33,000. Hazlett Burt & Watson Inc. purchased a new position in shares of Shopify in the 2nd quarter worth $33,000. Brooklyn Investment Group purchased a new position in shares of Shopify in the 3rd quarter worth $33,000. Finally, Rosenberg Matthew Hamilton boosted its stake in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock worth $36,000 after buying an additional 133 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.