Shopify (NYSE:SHOP) Price Target Cut to $90.00 by Analysts at Citigroup

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target cut by Citigroup from $97.00 to $90.00 in a research report released on Thursday morning, MarketBeat.com reports. They currently have a buy rating on the software maker’s stock.

Other research analysts have also recently issued reports about the stock. Piper Sandler lifted their price target on shares of Shopify from $63.00 to $67.00 and gave the company a neutral rating in a research report on Wednesday, July 24th. The Goldman Sachs Group lifted their target price on shares of Shopify from $67.00 to $74.00 and gave the company a buy rating in a report on Tuesday, May 28th. Atb Cap Markets raised Shopify from a sector perform rating to an outperform rating in a research report on Wednesday, May 8th. BNP Paribas upgraded Shopify from an underperform rating to an outperform rating in a research note on Thursday, May 2nd. Finally, Truist Financial reduced their price target on Shopify from $65.00 to $55.00 and set a hold rating on the stock in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $77.24.

Shopify Stock Up 1.1 %

Shopify stock traded up $0.76 during midday trading on Thursday, reaching $69.31. The stock had a trading volume of 10,919,824 shares, compared to its average volume of 10,422,090. The stock’s 50-day simple moving average is $63.23 and its 200 day simple moving average is $70.04. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.84 billion. Analysts forecast that Shopify will post 0.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SHOP. Tradition Wealth Management LLC boosted its position in Shopify by 7.5% during the 4th quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock worth $156,000 after acquiring an additional 140 shares during the period. Willis Johnson & Associates Inc. lifted its holdings in Shopify by 5.8% in the first quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock worth $211,000 after purchasing an additional 149 shares during the period. Nations Financial Group Inc. IA ADV lifted its holdings in Shopify by 3.2% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 4,839 shares of the software maker’s stock worth $377,000 after purchasing an additional 150 shares during the period. Valley National Advisers Inc. grew its position in Shopify by 11.4% in the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock valued at $114,000 after buying an additional 152 shares in the last quarter. Finally, Capital Advisors Inc. OK increased its stake in Shopify by 1.7% during the 4th quarter. Capital Advisors Inc. OK now owns 9,283 shares of the software maker’s stock valued at $723,000 after buying an additional 153 shares during the period. 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.