Shopify (NYSE:SHOP) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective increased by equities research analysts at JPMorgan Chase & Co. from $121.00 to $124.00 in a note issued to investors on Wednesday, Marketbeat reports. The brokerage currently has an “overweight” rating on the software maker’s stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 2.86% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Mizuho upped their price target on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Piper Sandler increased their target price on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday. Cantor Fitzgerald restated a “neutral” rating and set a $120.00 target price on shares of Shopify in a report on Wednesday. KeyCorp increased their target price on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Citigroup increased their target price on shares of Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $125.14.

Shopify Stock Up 5.9 %

Shopify stock opened at $127.65 on Wednesday. The stock has a market capitalization of $164.93 billion, a PE ratio of 119.30, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. Shopify has a twelve month low of $48.56 and a twelve month high of $128.00. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a 50 day moving average of $111.43 and a 200-day moving average of $92.02.

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

Institutional Investors Weigh In On Shopify

A number of large investors have recently bought and sold shares of SHOP. Allianz SE acquired a new stake in Shopify during the fourth quarter worth about $27,000. PFG Private Wealth Management LLC boosted its stake in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC boosted its stake in shares of Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after purchasing an additional 100 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Shopify in the 3rd quarter valued at approximately $33,000. Finally, Rosenberg Matthew Hamilton boosted its stake in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares in the last quarter. 69.27% of the stock is currently 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.