Barclays Increases Shopify (NYSE:SHOP) Price Target to $93.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by equities researchers at Barclays from $70.00 to $93.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the software maker’s stock. Barclays‘s price objective would suggest a potential downside of 14.74% from the company’s current price.

A number of other brokerages have also weighed in on SHOP. Oppenheimer lifted their price objective on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday. Royal Bank of Canada upped their price objective on Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Benchmark reissued a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. JPMorgan Chase & Co. boosted their target price on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $94.95.

Shopify Price Performance

Shares of NYSE SHOP opened at $109.08 on Wednesday. The stock has a fifty day moving average price of $80.36 and a 200 day moving average price of $70.50. 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. The company has a market cap of $140.76 billion, a PE ratio of 101.94, a P/E/G ratio of 3.71 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, topping the consensus estimate of $0.18 by $0.09. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. Shopify had a net margin of 16.84% and a return on equity of 11.60%. Sell-side analysts forecast that Shopify will post 0.76 EPS for the current year.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently modified their holdings of SHOP. Empowered Funds LLC raised its stake in Shopify by 15.4% during the first quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock worth $981,000 after purchasing an additional 1,694 shares during the period. Bleakley Financial Group LLC raised its position in shares of Shopify by 51.4% in the 1st quarter. Bleakley Financial Group LLC now owns 16,315 shares of the software maker’s stock worth $1,259,000 after buying an additional 5,537 shares during the period. TBH Global Asset Management LLC boosted its holdings in Shopify by 43.0% in the first quarter. TBH Global Asset Management LLC now owns 5,649 shares of the software maker’s stock valued at $436,000 after acquiring an additional 1,700 shares during the last quarter. Kingsview Wealth Management LLC grew its position in Shopify by 1.4% during the first quarter. Kingsview Wealth Management LLC now owns 26,369 shares of the software maker’s stock valued at $2,035,000 after acquiring an additional 365 shares during the period. Finally, Midwest Professional Planners LTD. increased its stake in Shopify by 31.7% during the first quarter. Midwest Professional Planners LTD. now owns 4,842 shares of the software maker’s stock worth $374,000 after acquiring an additional 1,166 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

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.