Loop Capital Cuts Shopify (NYSE:SHOP) Price Target to $120.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective reduced by investment analysts at Loop Capital from $150.00 to $120.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Loop Capital’s price objective points to a potential upside of 45.23% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group raised their price objective on shares of Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Wedbush reissued an “outperform” rating on shares of Shopify in a research note on Tuesday. Jefferies Financial Group lifted their price target on Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a research note on Tuesday, February 18th. Wells Fargo & Company increased their price target on Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Finally, ATB Capital boosted their price objective on Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $121.94.

Shopify Stock Performance

Shares of Shopify stock traded down $1.28 during trading on Wednesday, hitting $82.63. 5,227,360 shares of the company’s stock were exchanged, compared to its average volume of 9,205,219. Shopify has a 52-week low of $48.56 and a 52-week high of $129.38. The stock has a market capitalization of $106.99 billion, a price-to-earnings ratio of 53.31, a PEG ratio of 4.82 and a beta of 2.82. The business has a 50-day simple moving average of $102.66 and a 200-day simple moving average of $101.52.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued 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%. On average, equities analysts anticipate that Shopify will post 1.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Large investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Shopify in the fourth quarter valued at $1,542,262,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after buying an additional 7,316,862 shares during the period. Alliancebernstein L.P. raised its holdings in Shopify by 631.3% in the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after acquiring an additional 3,849,796 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Shopify by 623.8% in the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock valued at $198,932,000 after purchasing an additional 2,228,091 shares in the last quarter. Finally, Durable Capital Partners LP lifted its position in shares of Shopify by 86.9% during the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker’s stock worth $420,041,000 after purchasing an additional 1,836,294 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.