Shopify (NYSE:SHOP) Given New $110.00 Price Target at Truist Financial

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective boosted by investment analysts at Truist Financial from $65.00 to $110.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the software maker’s stock. Truist Financial’s price target would indicate a potential downside of 2.27% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. Evercore boosted their target price on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft upped their price objective on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 8th. JMP Securities upped their price objective on Shopify from $80.00 to $120.00 and gave the company a “market outperform” rating in a report on Wednesday. UBS Group upped their price objective on Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Finally, Barclays upped their price objective on Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Price Performance

SHOP stock traded up $3.63 during trading on Wednesday, hitting $112.55. The company had a trading volume of 11,302,036 shares, compared to its average volume of 9,296,401. The company has a fifty day moving average price of $79.47 and a two-hundred day moving average price of $70.18. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The company has a market cap of $145.23 billion, a P/E ratio of 105.60, a P/E/G ratio of 3.64 and a beta of 2.36. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $114.51.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.09. Shopify had a return on equity of 11.94% and a net margin of 16.84%. The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. Equities research analysts expect that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Hedge funds have recently added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group lifted its holdings in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the last quarter. Brooklyn Investment Group acquired a new stake in Shopify during the 3rd quarter worth approximately $33,000. Rosenberg Matthew Hamilton lifted its holdings in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the last quarter. Cultivar Capital Inc. acquired a new stake in Shopify during the 2nd quarter worth approximately $33,000. Finally, Hazlett Burt & Watson Inc. acquired a new stake in Shopify during the 2nd quarter worth approximately $33,000. 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.