Mizuho Cuts Shopify (NYSE:SHOP) Price Target to $85.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective cut by Mizuho from $110.00 to $85.00 in a research note released on Monday, MarketBeat Ratings reports. They currently have a neutral rating on the software maker’s stock.

Other equities research analysts have also issued reports about the company. Barclays increased their price target on Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 12th. Piper Sandler increased their target price on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Royal Bank of Canada set a $145.00 price target on shares of Shopify and gave the stock an “outperform” rating in a report on Friday, March 21st. Wells Fargo & Company increased their price objective on shares of Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Truist Financial lifted their target price on shares of Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $124.74.

Shopify Price Performance

Shares of NYSE SHOP opened at $82.77 on Monday. The company has a 50-day moving average price of $103.35 and a 200-day moving average price of $101.65. The stock has a market capitalization of $107.17 billion, a P/E ratio of 53.40, a P/E/G ratio of 4.82 and a beta of 2.82. Shopify has a 1 year low of $48.56 and a 1 year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, equities research analysts anticipate that Shopify will post 1.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Shopify during the 4th quarter valued at about $1,542,262,000. Arrowstreet Capital Limited Partnership raised its stake in Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after purchasing an additional 7,316,862 shares in the last quarter. Alliancebernstein L.P. lifted its position in Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock valued at $474,187,000 after purchasing an additional 3,849,796 shares during the last quarter. Marshall Wace LLP grew its stake in Shopify by 623.8% in the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock worth $198,932,000 after buying an additional 2,228,091 shares in the last quarter. Finally, Durable Capital Partners LP increased its holdings in shares of Shopify by 86.9% in the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker’s stock worth $420,041,000 after buying an additional 1,836,294 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.