Shopify (NYSE:SHOP) Price Target Raised to $120.00 at Truist Financial

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target upped by Truist Financial from $110.00 to $120.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the software maker’s stock. Truist Financial’s target price would indicate a potential downside of 5.99% from the company’s current price.

Other research analysts have also issued reports about the company. Wedbush reaffirmed an “outperform” rating and set a $125.00 target price on shares of Shopify in a research report on Tuesday. Royal Bank of Canada raised their target price on Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday. Canaccord Genuity Group raised their target price on Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday. Wells Fargo & Company raised their target price on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Barclays raised their target price on Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $125.14.

Shopify Stock Up 5.9 %

Shares of SHOP opened at $127.65 on Wednesday. Shopify has a 52 week low of $48.56 and a 52 week high of $128.00. The stock has a market capitalization of $164.93 billion, a price-to-earnings ratio of 119.30, a PEG ratio of 2.49 and a beta of 2.47. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The stock has a fifty day moving average of $111.43 and a 200-day moving average of $92.02.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. As a group, sell-side analysts anticipate that Shopify will post 0.91 earnings per share for the current fiscal year.

Institutional Trading of Shopify

A number of hedge funds have recently made changes to their positions in the stock. Tidemark LLC grew its position in shares of Shopify by 3.6% during the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock worth $276,000 after buying an additional 90 shares in the last quarter. Howland Capital Management LLC grew its position in shares of Shopify by 2.0% during the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock worth $526,000 after buying an additional 99 shares in the last quarter. Trust Co. of Vermont grew its position in shares of Shopify by 9.9% during the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock worth $118,000 after buying an additional 100 shares in the last quarter. First United Bank & Trust grew its position in shares of Shopify by 2.2% during the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock worth $488,000 after buying an additional 100 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC grew its position in shares of Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after buying an additional 100 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.