Barclays Boosts Shopify (NYSE:SHOP) Price Target to $93.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target raised by research analysts at Barclays from $70.00 to $93.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the software maker’s stock. Barclays‘s price target would indicate a potential downside of 14.74% from the company’s previous close.

A number of other equities research analysts also recently commented on SHOP. JMP Securities restated a “market outperform” rating and issued a $80.00 target price on shares of Shopify in a research report on Tuesday, September 10th. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. JPMorgan Chase & Co. increased their target price on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. UBS Group boosted their price target on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Finally, Wedbush reaffirmed a “neutral” rating and set a $115.00 price objective (up previously from $72.00) on shares of Shopify in a research report on Tuesday. One 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 company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $94.95.

Shopify Trading Down 5.2 %

Shares of SHOP opened at $109.08 on Wednesday. Shopify has a 12-month low of $48.56 and a 12-month high of $115.62. The firm has a market capitalization of $140.76 billion, a P/E ratio of 101.94, a P/E/G ratio of 3.71 and a beta of 2.36. The firm has a 50-day moving average price of $80.36 and a 200 day moving average price of $70.50. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. Shopify had a net margin of 16.84% and a return on equity of 11.60%. Sell-side analysts forecast that Shopify will post 0.76 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Shopify by 8.6% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,788,762 shares of the software maker’s stock valued at $223,391,000 after buying an additional 220,498 shares during the last quarter. Acropolis Investment Management LLC acquired a new position in shares of Shopify in the 3rd quarter valued at $136,000. Caisse DE Depot ET Placement DU Quebec raised its position in Shopify by 10.7% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,559,921 shares of the software maker’s stock valued at $125,108,000 after purchasing an additional 150,572 shares during the last quarter. Circle Wealth Management LLC boosted its stake in Shopify by 65.1% during the 3rd quarter. Circle Wealth Management LLC now owns 33,163 shares of the software maker’s stock worth $2,658,000 after purchasing an additional 13,072 shares during the period. Finally, PDT Partners LLC purchased a new position in Shopify during the 3rd quarter worth $3,270,000. Hedge funds and other institutional investors 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.