Analysts Set Shopify Inc. (NYSE:SHOP) PT at $77.92

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) has been given a consensus recommendation of “Moderate Buy” by the forty-one ratings firms that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, fifteen have assigned a hold recommendation, twenty-four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $78.38.

Several analysts have recently issued reports on the stock. Benchmark reiterated a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. Morgan Stanley increased their price objective on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. JMP Securities restated a “market outperform” rating and issued a $80.00 target price on shares of Shopify in a research note on Tuesday, September 10th. KeyCorp assumed coverage on Shopify in a research report on Thursday, July 25th. They set an “overweight” rating and a $80.00 price target for the company. Finally, Loop Capital boosted their price objective on Shopify from $68.00 to $80.00 and gave the stock a “hold” rating in a research report on Friday, August 16th.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Delta Financial Group Inc. bought a new position in shares of Shopify during the 3rd quarter valued at about $223,000. Canandaigua National Bank & Trust Co. boosted its stake in Shopify by 28.8% in the third quarter. Canandaigua National Bank & Trust Co. now owns 14,526 shares of the software maker’s stock worth $1,164,000 after buying an additional 3,249 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its position in Shopify by 7.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock valued at $159,000 after acquiring an additional 129 shares during the last quarter. Doliver Advisors LP raised its stake in shares of Shopify by 3.7% during the third quarter. Doliver Advisors LP now owns 5,913 shares of the software maker’s stock worth $474,000 after acquiring an additional 210 shares in the last quarter. Finally, Anchor Investment Management LLC lifted its holdings in shares of Shopify by 31.5% in the 2nd quarter. Anchor Investment Management LLC now owns 865 shares of the software maker’s stock worth $57,000 after acquiring an additional 207 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of NYSE SHOP opened at $82.42 on Monday. The stock has a market cap of $106.21 billion, a price-to-earnings ratio of -484.82, a PEG ratio of 2.65 and a beta of 2.35. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The firm’s 50-day simple moving average is $71.79 and its 200 day simple moving average is $68.66.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. Shopify’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. As a group, research analysts anticipate that Shopify will post 0.76 earnings per share for the current fiscal year.

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.