Shopify (NYSE:SHOP) Price Target Raised to $175.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target raised by analysts at Citigroup from $143.00 to $175.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. Citigroup’s price target indicates a potential upside of 45.98% from the company’s current price.

A number of other research firms also recently commented on SHOP. Mizuho raised their price objective on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Moffett Nathanson raised their price target on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Benchmark raised Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective on the stock in a report on Monday. Wedbush raised shares of Shopify from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $115.00 to $125.00 in a report on Monday, January 6th. Finally, DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $103.80.

Shopify Stock Up 2.1 %

SHOP stock opened at $119.88 on Tuesday. The company has a 50-day moving average of $110.91 and a two-hundred day moving average of $90.95. Shopify has a 52-week low of $48.56 and a 52-week high of $123.41. The stock has a market capitalization of $154.89 billion, a price-to-earnings ratio of 112.04, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. As a group, equities research analysts anticipate that Shopify will post 0.91 EPS for the current year.

Institutional Trading of Shopify

A number of hedge funds and other institutional investors have recently made changes to their positions in SHOP. Jennison Associates LLC bought a new position in Shopify during the fourth quarter worth $132,323,000. Swiss National Bank grew its stake in Shopify by 0.9% in the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after buying an additional 33,300 shares during the last quarter. Watts Gwilliam & Co. LLC raised its holdings in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after acquiring an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after acquiring an additional 77,500 shares during the last quarter. Finally, Oppenheimer & Co. Inc. grew its position in shares of Shopify by 26.4% in the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after purchasing an additional 7,027 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.