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

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lowered by Mizuho from $110.00 to $85.00 in a research note released on Monday morning, MarketBeat reports. The brokerage currently has a neutral rating on the software maker’s stock.

Several other brokerages have also recently weighed in on SHOP. Morgan Stanley lifted their price objective on shares of Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. CIBC lifted their price target on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. ATB Capital increased 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. Scotiabank raised their price objective on Shopify from $115.00 to $120.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. Finally, Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price for the company in a research report on Monday, February 10th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $121.51.

Shopify Trading Up 0.1 %

Shopify stock opened at $83.96 on Monday. The company has a market capitalization of $108.71 billion, a price-to-earnings ratio of 54.17, 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. The stock’s 50 day moving average is $101.99 and its 200-day moving average is $101.40.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data 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 net margin of 22.74% and a return on equity of 12.00%. As a group, equities research analysts predict 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 made changes to their positions in the stock. Capital World Investors boosted its stake in shares of Shopify by 0.9% in the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock valued at $5,646,455,000 after purchasing an additional 496,982 shares during the last quarter. Vanguard Group Inc. boosted its position in Shopify by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after acquiring an additional 781,162 shares during the last quarter. FMR LLC grew its holdings in Shopify by 3.4% during the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock worth $4,653,054,000 after acquiring an additional 1,426,000 shares during the period. Capital International Investors raised its position in shares of Shopify by 2.7% in the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock worth $3,883,039,000 after acquiring an additional 968,026 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Shopify by 79.8% in the 4th 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 during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

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.