Analysts Set Shopify Inc. (NYSE:SHOP) Price Target at $120.94

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP has earned a consensus rating of "Moderate Buy" from the forty analysts that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $120.37.

Several analysts have recently weighed in on SHOP shares. ATB Capital boosted their target price on Shopify from $145.00 to $170.00 and gave the company a "sector perform" rating in a report on Wednesday, February 12th. Oppenheimer raised their price objective on Shopify from $130.00 to $150.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. Barclays lifted their price target on Shopify from $93.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, February 12th. Loop Capital reduced their price target on Shopify from $150.00 to $120.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, UBS Group upped their price target on Shopify from $110.00 to $125.00 and gave the company a "neutral" rating in a research report on Wednesday, February 12th.

Hedge Funds Weigh In On Shopify

A number of large investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Shopify in the fourth quarter valued at $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its position in Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after acquiring an additional 7,316,862 shares during the last quarter. Alliancebernstein L.P. boosted its position in Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock worth $474,187,000 after acquiring an additional 3,849,796 shares during the last quarter. Marshall Wace LLP boosted its holdings in Shopify by 623.8% in the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after purchasing an additional 2,228,091 shares during the last quarter. Finally, Durable Capital Partners LP lifted its holdings in shares of Shopify by 86.9% in the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after acquiring an additional 1,836,294 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

NYSE SHOP traded up $6.69 on Friday, reaching $92.40. 4,701,984 shares of the company's stock traded hands, compared to its average volume of 10,062,846. The firm has a market cap of $119.64 billion, a price-to-earnings ratio of 59.61, a P/E/G ratio of 4.82 and a beta of 2.82. The stock has a 50 day moving average price of $98.84 and a 200-day moving average price of $101.66. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, equities research analysts anticipate that Shopify will post 1.12 EPS for the current fiscal 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.