Cantor Fitzgerald Lowers Shopify (NYSE:SHOP) Price Target to $80.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price reduced by Cantor Fitzgerald from $120.00 to $80.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Cantor Fitzgerald’s price objective points to a potential downside of 3.18% from the company’s previous close.

SHOP has been the subject of several other reports. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. DA Davidson cut their price objective on shares of Shopify from $150.00 to $115.00 and set a “buy” rating for the company in a report on Monday. Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a research note on Monday, February 10th. Evercore ISI increased their price target on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Finally, Phillip Securities cut Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $121.94.

Shopify Stock Performance

SHOP stock traded down $1.28 on Wednesday, hitting $82.63. 5,227,360 shares of the company’s stock were exchanged, compared to its average volume of 9,205,219. The firm has a 50 day moving average price of $102.66 and a two-hundred day moving average price of $101.52. Shopify has a 12-month low of $48.56 and a 12-month high of $129.38. The stock has a market cap of $106.99 billion, a P/E ratio of 53.31, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. NorthCrest Asset Manangement LLC boosted its stake in Shopify by 5.0% in the first quarter. NorthCrest Asset Manangement LLC now owns 97,230 shares of the software maker’s stock valued at $9,284,000 after acquiring an additional 4,597 shares in the last quarter. Bellecapital International Ltd. grew its stake in Shopify by 13.9% during the 1st quarter. Bellecapital International Ltd. now owns 72,988 shares of the software maker’s stock worth $6,969,000 after buying an additional 8,920 shares during the last quarter. Ferguson Wellman Capital Management Inc. lifted its stake in Shopify by 38.8% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 3,401 shares of the software maker’s stock valued at $325,000 after buying an additional 951 shares during the last quarter. First United Bank & Trust boosted its holdings in shares of Shopify by 9.3% in the first quarter. First United Bank & Trust now owns 5,015 shares of the software maker’s stock valued at $479,000 after acquiring an additional 425 shares during the period. Finally, Fifth Third Bancorp increased its holdings in shares of Shopify by 336.7% in the 1st quarter. Fifth Third Bancorp now owns 29,736 shares of the software maker’s stock valued at $2,839,000 after acquiring an additional 22,926 shares during the period. 69.27% of the stock is owned by hedge funds and other 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.