DA Davidson Cuts Shopify (NYSE:SHOP) Price Target to $115.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective dropped by stock analysts at DA Davidson from $150.00 to $115.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. DA Davidson’s target price indicates a potential upside of 37.18% from the stock’s previous close.

Several other analysts have also issued reports on SHOP. Barclays upped their target price on Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a research report on Monday, February 10th. The Goldman Sachs Group raised their price objective on Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft boosted their target price on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Finally, ATB Capital raised their price target on Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $124.74.

Shopify Trading Up 0.1 %

Shares of NYSE SHOP traded up $0.12 during midday trading on Monday, hitting $83.83. 7,417,391 shares of the company’s stock were exchanged, compared to its average volume of 10,201,443. The business’s fifty day moving average price is $104.13 and its two-hundred day moving average price is $101.62. The company has a market cap of $108.54 billion, a price-to-earnings ratio of 54.08, a PEG 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.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Equities analysts expect that Shopify will post 1.12 earnings per share 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 the stock. Norges Bank purchased a new stake in Shopify in the 4th quarter worth $1,542,262,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after buying an additional 7,316,862 shares in the last quarter. Alliancebernstein L.P. boosted its stake 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 buying an additional 3,849,796 shares during the last quarter. Marshall Wace LLP grew its holdings in Shopify by 623.8% during the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock valued at $198,932,000 after buying an additional 2,228,091 shares in the last quarter. Finally, Durable Capital Partners LP raised its holdings in shares of Shopify by 86.9% during the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker’s stock worth $420,041,000 after acquiring an additional 1,836,294 shares in the last quarter. 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.