Shopify (NASDAQ:SHOP) Price Target Raised to $165.00 at Scotiabank

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its target price upped by Scotiabank from $150.00 to $165.00 in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. They currently have a sector perform rating on the software maker’s stock.

SHOP has been the subject of several other reports. Zacks Research upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 14th. KeyCorp boosted their target price on shares of Shopify from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. BMO Capital Markets boosted their target price on shares of Shopify from $180.00 to $190.00 and gave the company an “outperform” rating in a research note on Wednesday. JMP Securities boosted their target price on shares of Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a research note on Thursday, August 7th. Finally, Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $163.89.

Shopify Price Performance

SHOP opened at $162.92 on Wednesday. The firm has a fifty day moving average price of $155.08 and a 200 day moving average price of $129.29. Shopify has a 1 year low of $69.84 and a 1 year high of $182.19. The stock has a market cap of $211.74 billion, a P/E ratio of 120.68, a P/E/G ratio of 7.53 and a beta of 2.73.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.95%. The firm had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Shopify has set its Q4 2025 guidance at EPS. Equities analysts expect that Shopify will post 1.12 EPS for the current year.

Institutional Investors Weigh In On Shopify

A number of large investors have recently modified their holdings of SHOP. Norges Bank purchased a new stake in shares of Shopify during the second quarter worth $1,794,952,000. Jennison Associates LLC grew its holdings in shares of Shopify by 64.3% during the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after buying an additional 7,403,821 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Shopify during the first quarter worth $667,392,000. Brown Advisory Inc. grew its holdings in shares of Shopify by 5,193.6% during the second quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after buying an additional 2,027,839 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after buying an additional 1,781,530 shares in the last quarter. Hedge funds and other 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.