Shopify (NYSE:SHOP) Price Target Raised to $41.00 at Truist Financial

Shopify (NYSE:SHOPGet Rating) (TSE:SHOP) had its target price boosted by stock analysts at Truist Financial from $35.00 to $41.00 in a research report issued on Thursday, The Fly reports. The firm presently has a “hold” rating on the software maker’s stock. Truist Financial’s price objective suggests a potential upside of 1.28% from the company’s previous close.

A number of other analysts have also recently issued reports on SHOP. Royal Bank of Canada decreased their target price on Shopify from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, October 21st. Mizuho increased their price objective on Shopify from $33.00 to $40.00 and gave the stock a “neutral” rating in a research report on Thursday, December 8th. UBS Group assumed coverage on Shopify in a research report on Thursday, December 8th. They set a “sell” rating and a $30.00 price objective for the company. Jefferies Financial Group cut Shopify from a “buy” rating to a “hold” rating and set a $40.00 price objective for the company. in a research report on Thursday, January 5th. Finally, Moffett Nathanson assumed coverage on Shopify in a research report on Tuesday, November 15th. They set a “market perform” rating and a $30.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, twenty-two have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $56.25.

Shopify Trading Up 6.4 %

SHOP opened at $40.48 on Thursday. The company has a market cap of $51.12 billion, a P/E ratio of -15.97 and a beta of 1.93. The company has a debt-to-equity ratio of 0.15, a quick ratio of 6.64 and a current ratio of 6.64. Shopify has a one year low of $23.63 and a one year high of $101.36. The business’s 50-day simple moving average is $37.33 and its 200-day simple moving average is $34.45.

Shopify (NYSE:SHOPGet Rating) (TSE:SHOP) last announced its earnings results on Thursday, October 27th. The software maker reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.10. The firm had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Shopify had a negative return on equity of 3.82% and a negative net margin of 61.17%. As a group, equities research analysts expect that Shopify will post -0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several hedge funds have recently bought and sold shares of SHOP. AlphaCrest Capital Management LLC grew its position in shares of Shopify by 414.3% in the second quarter. AlphaCrest Capital Management LLC now owns 12,308 shares of the software maker’s stock valued at $385,000 after purchasing an additional 9,915 shares during the period. Summit Trail Advisors LLC grew its position in shares of Shopify by 637.0% in the second quarter. Summit Trail Advisors LLC now owns 8,291 shares of the software maker’s stock valued at $259,000 after purchasing an additional 7,166 shares during the period. CI Investments Inc. grew its position in shares of Shopify by 1,903.5% in the second quarter. CI Investments Inc. now owns 370,374 shares of the software maker’s stock valued at $11,570,000 after purchasing an additional 351,888 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Shopify by 853.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,967,747 shares of the software maker’s stock valued at $61,473,000 after purchasing an additional 1,761,357 shares during the period. Finally, MAI Capital Management grew its position in shares of Shopify by 1,039.5% in the second quarter. MAI Capital Management now owns 30,583 shares of the software maker’s stock valued at $955,000 after purchasing an additional 27,899 shares during the period. 56.31% of the stock is owned by hedge funds and other institutional investors.

Shopify Company Profile

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Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, 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.

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