Royal Bank Of Canada Analysts Give Shopify (NASDAQ:SHOP) a $180.00 Price Target

Royal Bank Of Canada set a $180.00 price target on Shopify (NASDAQ:SHOP) (TSE:SHOP) in a report issued on Wednesday morning,BayStreet.CA reports. The brokerage currently has an outperform rating on the software maker’s stock.

SHOP has been the topic of a number of other research reports. National Bank Financial restated an “outperform” rating and issued a $180.00 price target (up from $155.00) on shares of Shopify in a research report on Wednesday, August 5th. Barclays set a $145.00 price objective on shares of Shopify and gave the stock an “equal weight” rating in a research report on Thursday, August 6th. Phillip Securities lowered shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, August 17th. Weiss Ratings upgraded shares of Shopify from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, August 17th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $175.00 price target on shares of Shopify in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average target price of $170.84.

Shopify Price Performance

Shares of SHOP opened at $152.90 on Wednesday. The business has a 50-day moving average of $130.97 and a 200-day moving average of $121.77. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35. The company has a market capitalization of $196.73 billion, a price-to-earnings ratio of 103.31, a price-to-earnings-growth ratio of 3.15 and a beta of 2.58. Shopify has a 1 year low of $94.00 and a 1 year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, beating the consensus estimate of $0.40 by $0.02. The business had revenue of $3.58 billion for the quarter. Shopify had a return on equity of 12.58% and a net margin of 14.53%.The business’s revenue was up 33.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.69 earnings per share. As a group, equities research analysts anticipate that Shopify will post 1.45 earnings per share for the current year.

Institutional Trading of Shopify

Several hedge funds have recently modified their holdings of SHOP. Tucker Asset Management LLC acquired a new stake in Shopify in the second quarter worth $445,000. Wellington Grp LLC increased its stake in Shopify by 66.8% in the second quarter. Wellington Grp LLC now owns 6,821 shares of the software maker’s stock valued at $779,000 after purchasing an additional 2,732 shares in the last quarter. Carlson Financial Inc. raised its holdings in shares of Shopify by 1.4% during the second quarter. Carlson Financial Inc. now owns 39,730 shares of the software maker’s stock valued at $4,536,000 after purchasing an additional 558 shares during the period. Tanager Wealth Management LLP acquired a new position in shares of Shopify during the second quarter valued at about $219,000. Finally, Ameritas Advisory Services LLC raised its holdings in shares of Shopify by 70.9% during the second quarter. Ameritas Advisory Services LLC now owns 7,940 shares of the software maker’s stock valued at $907,000 after purchasing an additional 3,294 shares during the period. Institutional investors own 69.27% of the company’s stock.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.