Wedbush Reiterates Outperform Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “outperform” rating reiterated by analysts at Wedbush in a note issued to investors on Tuesday, Marketbeat.com reports. They currently have a $125.00 price target on the software maker’s stock. Wedbush’s price target would indicate a potential upside of 3.77% from the company’s current price.

Other analysts have also recently issued reports about the company. KeyCorp upped their price objective on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Citigroup increased their price objective on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday. Canaccord Genuity Group boosted their target price on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Truist Financial increased their price target on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Finally, Scotiabank lifted their price target on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $125.14.

Shopify Stock Performance

Shares of NYSE SHOP opened at $120.46 on Tuesday. The company has a market cap of $155.65 billion, a P/E ratio of 112.58, a P/E/G ratio of 2.49 and a beta of 2.47. Shopify has a 52-week low of $48.56 and a 52-week high of $125.95. 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 firm’s fifty day moving average is $111.29 and its two-hundred day moving average is $91.82.

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

Hedge Funds Weigh In On Shopify

A number of hedge funds and other institutional investors have recently modified their holdings of SHOP. Allianz SE purchased a new stake in Shopify during the fourth quarter worth $27,000. PFG Private Wealth Management LLC lifted its stake in shares of Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after purchasing an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC boosted its position in Shopify by 50.0% during the fourth 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 purchased a new position in Shopify in the third quarter valued at about $33,000. Finally, Rosenberg Matthew Hamilton raised its holdings in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

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.