Robert W. Baird Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

by · The Cerbat Gem

Shopify (NYSE:SHOP – Free Report) (TSE:SHOP) had its target price increased by Robert W. Baird from $90.00 to $126.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an outperform rating on the software maker’s stock.

Other analysts have also recently issued research reports about the stock. Wells Fargo & Company increased their price target on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 11th. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 price objective on shares of Shopify in a research report on Monday, October 7th. Scotiabank raised their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. UBS Group boosted their target price on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Finally, Piper Sandler reissued a “neutral” rating and issued a $67.00 price target on shares of Shopify in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

Read Our Latest Research Report on Shopify

Shopify Stock Down 0.8 %

Shares of NYSE SHOP opened at $114.13 on Wednesday. The business has a 50-day moving average of $80.36 and a two-hundred day moving average of $70.50. The company has a market capitalization of $147.27 billion, a price-to-earnings ratio of 107.60, a price-to-earnings-growth ratio of 3.64 and a beta of 2.36. Shopify has a 1 year low of $48.56 and a 1 year high of $115.62. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last posted its earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.09. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. Shopify had a return on equity of 11.94% and a net margin of 16.84%. On average, analysts forecast that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several large investors have recently made changes to their positions in SHOP. Hantz Financial Services Inc. increased its holdings in shares of Shopify by 30.4% during the third quarter. Hantz Financial Services Inc. now owns 340,472 shares of the software maker’s stock valued at $27,285,000 after purchasing an additional 79,330 shares during the period. Northwest & Ethical Investments L.P. increased its stake in Shopify by 5.2% during the 3rd quarter. Northwest & Ethical Investments L.P. now owns 171,374 shares of the software maker’s stock valued at $13,732,000 after buying an additional 8,410 shares during the period. Pin Oak Investment Advisors Inc. raised its position in shares of Shopify by 33.3% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 1,185 shares of the software maker’s stock worth $94,000 after buying an additional 296 shares in the last quarter. Fiduciary Trust Co acquired a new stake in shares of Shopify in the 3rd quarter worth approximately $548,000. Finally, FORA Capital LLC bought a new position in shares of Shopify in the third quarter valued at approximately $223,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

About Shopify

(Get Free Report)

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.

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