Barclays Cuts Shopify (NYSE:SHOP) Price Target to $94.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price trimmed by Barclays from $100.00 to $94.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the software maker’s stock.

Several other research firms have also recently weighed in on SHOP. Wedbush reiterated an “outperform” rating and set a $110.00 price objective on shares of Shopify in a report on Tuesday, April 15th. Mizuho dropped their price objective on shares of Shopify from $110.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. JPMorgan Chase & Co. boosted their price objective on shares of Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Truist Financial lowered their target price on Shopify from $120.00 to $100.00 and set a “hold” rating for the company in a report on Tuesday, May 6th. Finally, Benchmark dropped their price target on Shopify from $150.00 to $125.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $115.37.

Shopify Stock Down 2.4%

Shares of NYSE SHOP opened at $91.77 on Friday. Shopify has a twelve month low of $48.56 and a twelve month high of $129.38. The stock has a market cap of $118.83 billion, a price-to-earnings ratio of 59.21, a P/E/G ratio of 4.82 and a beta of 2.66. The company’s fifty day moving average is $93.29 and its 200-day moving average is $103.05.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, research analysts anticipate that Shopify will post 1.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently bought and sold shares of SHOP. Capital World Investors raised its stake in Shopify by 0.9% in the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock valued at $5,646,455,000 after buying an additional 496,982 shares during the period. Vanguard Group Inc. boosted its stake in shares of Shopify by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock worth $4,563,106,000 after acquiring an additional 882,168 shares during the period. FMR LLC increased its holdings in shares of Shopify by 3.4% during the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock worth $4,653,054,000 after acquiring an additional 1,426,000 shares during the last quarter. Capital International Investors increased its holdings in shares of Shopify by 2.7% during the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock worth $3,883,039,000 after acquiring an additional 968,026 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in Shopify by 79.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after acquiring an additional 7,316,862 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.