Truist Financial Lowers Shopify (NYSE:SHOP) Price Target to $100.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective reduced by Truist Financial from $120.00 to $100.00 in a report released on Tuesday morning,Benzinga reports. Truist Financial currently has a hold rating on the software maker’s stock.

Several other equities research analysts have also issued reports on the stock. The Goldman Sachs Group lowered their target price on shares of Shopify from $150.00 to $130.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Deutsche Bank Aktiengesellschaft boosted their target price on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Piper Sandler upped their price objective on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. Jefferies Financial Group cut their price target on shares of Shopify from $130.00 to $110.00 and set a “hold” rating on the stock in a report on Monday. Finally, UBS Group lifted their price objective on shares of Shopify from $110.00 to $125.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $116.00.

Shopify Trading Down 4.6 %

Shares of NYSE:SHOP opened at $93.83 on Tuesday. The company has a market cap of $121.49 billion, a price-to-earnings ratio of 60.54, a PEG ratio of 4.82 and a beta of 2.66. Shopify has a 12 month low of $48.56 and a 12 month high of $129.38. The company has a 50-day moving average price of $94.07 and a 200 day moving average price of $102.63.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted 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 analysts forecast that Shopify will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allianz SE acquired a new stake in Shopify during the 4th quarter valued at approximately $27,000. PFG Private Wealth Management LLC grew its position in Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after purchasing an additional 256 shares during the period. Fourth Dimension Wealth LLC purchased a new position in shares of Shopify during the 4th quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC lifted its holdings in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after buying an additional 100 shares during the period. Finally, New Wave Wealth Advisors LLC purchased a new stake in shares of Shopify in the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

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.