Shopify (NYSE:SHOP) Price Target Raised to $80.00 at Scotiabank

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective boosted by analysts at Scotiabank from $70.00 to $80.00 in a research note issued to investors on Thursday, BayStreet.CA reports. The firm currently has a “sector perform” rating on the software maker’s stock. Scotiabank’s price target would suggest a potential upside of 10.56% from the company’s current price.

Several other equities analysts have also issued reports on the company. Royal Bank of Canada restated an “outperform” rating and set a $100.00 price target on shares of Shopify in a research report on Wednesday, February 14th. Citigroup upgraded Shopify from a “neutral” rating to a “buy” rating and lifted their price target for the company from $93.00 to $105.00 in a research report on Monday. Wedbush restated a “neutral” rating and set a $68.00 price target on shares of Shopify in a research report on Tuesday, February 13th. Wells Fargo & Company dropped their price target on Shopify from $90.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. Finally, DA Davidson lifted their price target on Shopify from $86.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Two research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $79.03.

Shopify Stock Performance

Shares of SHOP traded up $1.96 during trading hours on Thursday, hitting $72.36. The company’s stock had a trading volume of 3,655,221 shares, compared to its average volume of 9,242,517. The business has a 50 day simple moving average of $74.83 and a two-hundred day simple moving average of $73.00. The company has a market cap of $93.10 billion, a price-to-earnings ratio of 802.09 and a beta of 2.20. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. On average, equities analysts expect that Shopify will post 0.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SHOP. Private Wealth Management Group LLC purchased a new stake in shares of Shopify during the fourth quarter valued at $26,000. SJS Investment Consulting Inc. raised its stake in shares of Shopify by 59.1% in the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after purchasing an additional 130 shares during the last quarter. DSM Capital Partners LLC acquired a new stake in shares of Shopify during the fourth quarter worth about $28,000. Jones Financial Companies Lllp purchased a new stake in Shopify in the fourth quarter valued at approximately $28,000. Finally, Your Advocates Ltd. LLP raised its position in Shopify by 4,344.4% during the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock worth $31,000 after buying an additional 391 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.