Morgan Stanley Cuts Shopify (NYSE:SHOP) Price Target to $106.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target cut by stock analysts at Morgan Stanley from $144.00 to $106.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Morgan Stanley’s price target would indicate a potential upside of 26.72% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Canaccord Genuity Group upped their price target on shares of Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. ATB Capital upped their target price on Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Scotiabank boosted their target price on shares of Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. CIBC increased their price objective on shares of Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, New Street Research initiated coverage on shares of Shopify in a research report on Friday, January 10th. They set a “neutral” rating and a $115.00 price target for the company. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $120.94.

Shopify Price Performance

Shares of SHOP opened at $83.65 on Wednesday. The stock has a market capitalization of $108.31 billion, a P/E ratio of 53.97, a P/E/G ratio of 4.82 and a beta of 2.82. Shopify has a 12-month low of $48.56 and a 12-month high of $129.38. The firm’s 50 day moving average is $101.26 and its 200-day moving average is $101.43.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results 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%. As a group, equities research analysts forecast that Shopify will post 1.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Institutional investors and hedge funds have recently bought and sold shares of the company. LRI Investments LLC grew its holdings in shares of Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock valued at $94,000 after purchasing an additional 79 shares during the last quarter. Tidemark LLC increased its stake in shares of Shopify by 3.6% in the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock valued at $276,000 after acquiring an additional 90 shares in the last quarter. Howland Capital Management LLC raised its holdings in shares of Shopify by 2.0% during the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock valued at $526,000 after purchasing an additional 99 shares during the period. Trust Co. of Vermont grew its stake in Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after acquiring an additional 100 shares during the period. Finally, First United Bank & Trust grew its holdings in shares of Shopify by 2.2% during the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after buying an additional 100 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

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.