DA Davidson Raises Shopify (NYSE:SHOP) Price Target to $1,000.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target boosted by DA Davidson from $650.00 to $1,000.00 in a research report released on Thursday morning, The Fly reports. DA Davidson currently has a neutral rating on the software maker’s stock.

Other analysts have also issued reports about the stock. Jefferies Financial Group reaffirmed a hold rating and set a $725.00 price objective on shares of Shopify in a research note on Tuesday, July 28th. Citigroup initiated coverage on shares of Shopify in a research note on Thursday, July 16th. They set a neutral rating and a $998.00 price objective for the company. KeyCorp upped their price objective on shares of Shopify from $1,125.00 to $1,150.00 and gave the company an overweight rating in a research note on Thursday. Bank of America reaffirmed a sell rating and set a $900.00 price objective on shares of Shopify in a research note on Wednesday. Finally, Rosenblatt Securities reaffirmed a buy rating and set a $1,400.00 price objective (up from $860.00) on shares of Shopify in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and eleven have assigned a buy rating to the company. Shopify presently has an average rating of Hold and a consensus target price of $927.71.

NYSE:SHOP opened at $1,024.00 on Thursday. Shopify has a twelve month low of $282.08 and a twelve month high of $1,107.92. The company has a 50-day moving average of $935.14 and a 200-day moving average of $641.42. The firm has a market cap of $120.08 billion, a price-to-earnings ratio of 14,628.57 and a beta of 1.61.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, July 29th. The software maker reported $1.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $1.04. Shopify had a negative net margin of 3.25% and a positive return on equity of 0.32%. The company had revenue of $714.34 million during the quarter, compared to analyst estimates of $511.56 million. During the same quarter last year, the firm posted $0.10 EPS. The business’s revenue for the quarter was up 97.3% on a year-over-year basis. As a group, equities analysts forecast that Shopify will post -1.56 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of SHOP. New Capital Management LP grew its holdings in Shopify by 180.0% during the second quarter. New Capital Management LP now owns 28 shares of the software maker’s stock valued at $27,000 after purchasing an additional 18 shares during the last quarter. Lenox Wealth Advisors LLC grew its holdings in Shopify by 277.8% during the second quarter. Lenox Wealth Advisors LLC now owns 34 shares of the software maker’s stock valued at $32,000 after purchasing an additional 25 shares during the last quarter. First Horizon Advisors Inc. acquired a new position in Shopify during the second quarter valued at approximately $32,000. Squar Milner Financial Services LLC grew its holdings in Shopify by 102.5% during the first quarter. Squar Milner Financial Services LLC now owns 81 shares of the software maker’s stock valued at $33,000 after purchasing an additional 41 shares during the last quarter. Finally, Key Financial Inc acquired a new position in Shopify during the first quarter valued at approximately $34,000. 60.17% of the stock is currently owned by hedge funds and other institutional investors.

About Shopify

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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