Shopify (NYSE:SHOP) Given New $120.00 Price Target at Wells Fargo & Company

by · The Markets Daily

Shopify (NYSE:SHOP – Free Report) (TSE:SHOP) had its target price boosted by Wells Fargo & Company from $90.00 to $120.00 in a report published on Wednesday,Benzinga reports. They currently have an overweight rating on the software maker’s stock.

A number of other equities research analysts have also issued reports on the stock. Roth Mkm upped their price objective on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Barclays raised their price target on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday. Argus upgraded Shopify to a “strong-buy” rating in a report on Thursday, August 8th. Robert W. Baird raised their target price on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, UBS Group upped their price target on Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $94.95.

View Our Latest Stock Report on Shopify

Shopify Trading Down 0.6 %

SHOP opened at $108.48 on Wednesday. The firm has a market capitalization of $139.98 billion, a price-to-earnings ratio of 101.38, a price-to-earnings-growth ratio of 3.71 and a beta of 2.36. The company’s 50 day simple moving average is $81.97 and its two-hundred day simple moving average is $71.02. 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 7.10 and a quick ratio of 7.32.

Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.11 billion. Shopify had a return on equity of 11.60% and a net margin of 16.84%. Analysts expect that Shopify will post 0.76 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SHOP. GQG Partners LLC grew its holdings in shares of Shopify by 197.9% during the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares during the last quarter. Capital World Investors boosted its position in shares of Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares during the period. Baillie Gifford & Co. increased its position in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the period. Price T Rowe Associates Inc. MD increased its position in Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after buying an additional 5,982,434 shares during the period. Finally, FMR LLC lifted its stake in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Company Profile

(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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