Royal Bank of Canada Boosts Shopify (NYSE:SHOP) Price Target to $130.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lifted by Royal Bank of Canada from $100.00 to $130.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s price target indicates a potential upside of 19.18% from the stock’s current price.

SHOP has been the topic of a number of other reports. KeyCorp upped their price target on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday. Loop Capital upped their target price on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Robert W. Baird lifted their price target on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday. Scotiabank increased their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. Finally, Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and lifted their target price for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Trading Down 5.2 %

NYSE:SHOP opened at $109.08 on Wednesday. The stock has a market cap of $140.76 billion, a PE ratio of 101.94, a price-to-earnings-growth ratio of 3.71 and a beta of 2.36. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $115.62. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.10 and a quick ratio of 7.32. The stock’s 50-day moving average is $80.36 and its two-hundred day moving average is $70.50.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.60%. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.11 billion. As a group, equities research analysts forecast that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Institutional investors and hedge funds have recently modified their holdings of the company. Empowered Funds LLC increased its holdings in Shopify by 15.4% in the 1st quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock valued at $981,000 after buying an additional 1,694 shares during the period. Bleakley Financial Group LLC raised its position in Shopify by 51.4% in the first quarter. Bleakley Financial Group LLC now owns 16,315 shares of the software maker’s stock worth $1,259,000 after purchasing an additional 5,537 shares in the last quarter. TBH Global Asset Management LLC lifted its stake in Shopify by 43.0% during the first quarter. TBH Global Asset Management LLC now owns 5,649 shares of the software maker’s stock worth $436,000 after purchasing an additional 1,700 shares during the period. Kingsview Wealth Management LLC boosted its holdings in Shopify by 1.4% during the first quarter. Kingsview Wealth Management LLC now owns 26,369 shares of the software maker’s stock valued at $2,035,000 after purchasing an additional 365 shares in the last quarter. Finally, Midwest Professional Planners LTD. grew its stake in shares of Shopify by 31.7% in the 1st quarter. Midwest Professional Planners LTD. now owns 4,842 shares of the software maker’s stock valued at $374,000 after purchasing an additional 1,166 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Shopify Company Profile

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.