Shopify (NASDAQ:SHOP) Price Target Raised to $200.00

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its target price raised by National Bankshares from $180.00 to $200.00 in a report published on Thursday morning,BayStreet.CA reports. National Bankshares currently has an outperform rating on the software maker’s stock.

A number of other analysts also recently weighed in on the company. Atb Cap Markets downgraded Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 6th. Royal Bank Of Canada increased their price target on Shopify from $170.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Truist Financial increased their price target on Shopify from $95.00 to $150.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. TD Cowen reissued a “hold” rating and set a $156.00 price objective on shares of Shopify in a research report on Friday, October 3rd. Finally, Barclays increased their price objective on shares of Shopify from $94.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $153.30.

Shopify Trading Up 3.5%

Shares of Shopify stock opened at $172.95 on Thursday. The business has a 50-day moving average price of $149.93 and a two-hundred day moving average price of $124.17. Shopify has a 1-year low of $69.84 and a 1-year high of $174.74. The company has a market cap of $224.78 billion, a P/E ratio of 96.62, a PEG ratio of 8.10 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period last year, the business posted $0.26 EPS. The business’s revenue was up 31.1% compared to the same quarter last year. Equities research analysts forecast that Shopify will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several large investors have recently added to or reduced their stakes in SHOP. Brighton Jones LLC lifted its position in Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after acquiring an additional 584 shares in the last quarter. GAMMA Investing LLC lifted its position in Shopify by 80.0% in the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker’s stock valued at $92,000 after acquiring an additional 428 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in Shopify by 36.6% in the 1st quarter. Oppenheimer & Co. Inc. now owns 37,010 shares of the software maker’s stock valued at $3,534,000 after acquiring an additional 9,916 shares in the last quarter. Bessemer Group Inc. lifted its position in Shopify by 3.8% in the 1st quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker’s stock valued at $101,163,000 after acquiring an additional 38,616 shares in the last quarter. Finally, Alpine Bank Wealth Management purchased a new stake in Shopify in the 1st quarter valued at about $95,000. 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.