Royal Bank of Canada Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective raised by Royal Bank of Canada from $100.00 to $130.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the software maker’s stock.

Several other analysts have also recently issued reports on the stock. Scotiabank upped their price target on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, October 24th. Wedbush reiterated a “neutral” rating and issued a $115.00 price target (up from $72.00) on shares of Shopify in a research note on Tuesday. Morgan Stanley increased their target price on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Truist Financial lowered their price target on Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a report on Tuesday, August 6th. Finally, UBS Group lifted their price objective on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average price target of $94.95.

Shopify Stock Down 2.3 %

Shares of SHOP traded down $2.61 during mid-day trading on Wednesday, reaching $112.48. 1,221,444 shares of the stock traded hands, compared to its average volume of 9,302,125. The firm has a market cap of $145.14 billion, a price-to-earnings ratio of 107.60, a P/E/G ratio of 3.64 and a beta of 2.36. The stock has a fifty day simple moving average of $80.36 and a 200 day simple moving average of $70.50. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify has a 12-month low of $48.56 and a 12-month high of $115.62.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Oliver Lagore Vanvalin Investment Group increased its holdings in shares of 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 period. Brooklyn Investment Group acquired a new position in Shopify in the 3rd quarter valued at approximately $33,000. Rosenberg Matthew Hamilton lifted its position in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the period. Cultivar Capital Inc. bought a new stake in shares of Shopify during the second quarter valued at approximately $33,000. Finally, Hazlett Burt & Watson Inc. bought a new position in Shopify in the second quarter worth $33,000. 69.27% of the stock is owned by 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.