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

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective upped by Scotiabank from $70.00 to $80.00 in a research report report published on Thursday morning, BayStreet.CA reports. They currently have a sector perform rating on the software maker’s stock.

SHOP has been the topic of a number of other research reports. Wedbush reiterated a neutral rating and set a $68.00 price objective on shares of Shopify in a research report on Tuesday, February 13th. CIBC boosted their price target on shares of Shopify from $82.00 to $100.00 and gave the company an outperform rating in a research report on Wednesday, February 7th. Loop Capital cut their price objective on shares of Shopify from $90.00 to $80.00 and set a hold rating for the company in a research report on Monday, April 15th. Jefferies Financial Group lifted their target price on shares of Shopify from $65.00 to $80.00 and gave the stock a hold rating in a research note on Friday, January 5th. Finally, Citigroup raised shares of Shopify from a neutral rating to a buy rating and increased their price target for the company from $93.00 to $105.00 in a research note on Monday, April 29th. Two analysts have rated the stock with a sell rating, eighteen have given a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, Shopify has an average rating of Hold and a consensus price target of $79.03.

Shopify Trading Up 3.4 %

Shares of Shopify stock opened at $74.46 on Thursday. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. The firm has a market capitalization of $95.80 billion, a PE ratio of 827.43 and a beta of 2.20. The firm’s 50-day moving average price is $74.73 and its 200 day moving average price is $73.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, beating 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 the consensus estimate of $2.07 billion. On average, sell-side analysts predict that Shopify will post 0.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of hedge funds have recently bought and sold shares of the stock. Essex LLC acquired a new stake in Shopify in the first quarter valued at approximately $382,000. Signaturefd LLC increased its position in shares of Shopify by 1.5% in the 1st quarter. Signaturefd LLC now owns 49,581 shares of the software maker’s stock valued at $3,826,000 after purchasing an additional 720 shares during the last quarter. TFB Advisors LLC raised its holdings in shares of Shopify by 25.6% in the 1st quarter. TFB Advisors LLC now owns 3,642 shares of the software maker’s stock valued at $256,000 after purchasing an additional 742 shares in the last quarter. Mediolanum International Funds Ltd acquired a new stake in shares of Shopify in the 1st quarter valued at $1,073,000. Finally, Larson Financial Group LLC lifted its position in shares of Shopify by 428.0% during the 1st quarter. Larson Financial Group LLC now owns 3,221 shares of the software maker’s stock worth $249,000 after purchasing an additional 2,611 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.