Shopify (NASDAQ:SHOP) Given New $216.00 Price Target at Citigroup

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its target price lifted by analysts at Citigroup from $196.00 to $216.00 in a report released on Tuesday, BayStreet reports. The firm currently has a “buy” rating on the software maker’s stock. Citigroup‘s price target suggests a potential upside of 30.27% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. National Bank Financial reiterated an “outperform” rating and issued a $180.00 target price (up from $155.00) on shares of Shopify in a research report on Wednesday, August 5th. ATB Cormark Capital Markets downgraded Shopify from a “moderate buy” rating to a “hold” rating in a research report on Thursday, October 22nd. Royal Bank Of Canada reiterated an “outperform” rating and set a $200.00 price target (up from $180.00) on shares of Shopify in a report on Friday, October 16th. Phillip Securities downgraded shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, August 17th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Shopify in a research note on Wednesday, October 14th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $177.79.

Shopify Stock Down 1.4%

SHOP traded down $2.37 during trading hours on Tuesday, reaching $165.81. 3,265,968 shares of the stock traded hands, compared to its average volume of 10,233,971. The firm’s fifty day simple moving average is $151.11 and its two-hundred day simple moving average is $130.31. 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 cap of $213.34 billion, a price-to-earnings ratio of 112.03, a PEG ratio of 3.48 and a beta of 2.62. Shopify has a fifty-two week low of $94.00 and a fifty-two week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The firm had revenue of $3.58 billion for the quarter. During the same quarter last year, the company earned $0.69 earnings per share. The company’s revenue was up 33.7% compared to the same quarter last year. As a group, analysts forecast that Shopify will post 1.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of large investors have recently bought and sold shares of SHOP. The Manufacturers Life Insurance Company grew its position in shares of Shopify by 8.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker’s stock worth $998,137,000 after buying an additional 660,198 shares during the period. Swiss National Bank lifted its position in shares of Shopify by 27.0% in the first quarter. Swiss National Bank now owns 4,115,300 shares of the software maker’s stock worth $487,580,000 after purchasing an additional 876,100 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Shopify by 4.1% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,678,602 shares of the software maker’s stock valued at $436,356,000 after acquiring an additional 145,500 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Shopify by 4.8% in the first quarter. Bank of New York Mellon Corp now owns 3,495,964 shares of the software maker’s stock valued at $414,691,000 after purchasing an additional 159,873 shares in the last quarter. Finally, Amova Asset Management Americas Inc. increased its holdings in Shopify by 5.0% during the first quarter. Amova Asset Management Americas Inc. now owns 3,458,265 shares of the software maker’s stock worth $410,219,000 after buying an additional 165,080 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

About Shopify

Shopify Inc is a commerce technology company that provides tools for businesses of various sizes to start, operate and grow online and in physical retail environments. Its platform supports online storefronts, product and inventory management, order processing, marketing, analytics and customer engagement.

The company offers subscription-based plans and merchant solutions, including Shopify Payments, Shopify POS, Shopify Capital and tools for shipping, checkout and fulfillment. Shopify also supports sales through multiple channels, such as merchants’ own websites, mobile devices, social media and third-party marketplaces.

Shopify was founded in 2006 by Tobias Lütke, Daniel Weinand and Scott Lake after the founders developed an online store for snowboarding equipment.