Shopify (NASDAQ:SHOP) Stock Gets Price Target Cut from Cantor Fitzgerald

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price objective decreased by Cantor Fitzgerald from $158.00 to $150.00 in a report issued on Wednesday, Marketbeat.com reports. Cantor Fitzgerald currently has a neutral rating on the software maker’s stock.

SHOP has been the topic of a number of other research reports. National Bank Financial reissued an “outperform” rating and set a $180.00 price target (up from $155.00) on shares of Shopify in a research report on Wednesday, August 5th. Rosenblatt Securities dropped their price objective on Shopify from $186.00 to $180.00 and set a “buy” rating for the company in a report on Wednesday. Canaccord Genuity Group set a $180.00 target price on Shopify and gave the company a “buy” rating in a research report on Wednesday, August 5th. DZ Bank lowered Shopify from a “strong-buy” rating to a “hold” rating in a report on Friday, August 7th. Finally, Evercore reissued an “outperform” rating and set a $175.00 target price (up from $135.00) on shares of Shopify in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $178.82.

Shopify Stock Performance

NASDAQ SHOP traded up $5.16 during trading on Wednesday, reaching $148.91. The company’s stock had a trading volume of 7,972,804 shares, compared to its average volume of 8,231,345. The firm has a 50 day moving average price of $152.51 and a 200 day moving average price of $130.07. Shopify has a 12 month low of $94.00 and a 12 month high of $180.88. The firm has a market capitalization of $191.59 billion, a price-to-earnings ratio of 90.80, a price-to-earnings-growth ratio of 3.23 and a beta of 2.65. The company has a current ratio of 5.35, a quick ratio of 5.35 and a debt-to-equity ratio of 0.01.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, November 3rd. The software maker reported $0.49 EPS for the quarter, topping the consensus estimate of $0.33 by $0.16. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The company had revenue of $3.74 billion for the quarter. During the same period in the prior year, the business posted $0.34 earnings per share. The firm’s revenue for the quarter was up 31.6% compared to the same quarter last year. As a group, equities analysts anticipate that Shopify will post 1.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Wellington Grp LLC lifted its stake in Shopify by 55.5% during the third quarter. Wellington Grp LLC now owns 10,610 shares of the software maker’s stock worth $1,573,000 after purchasing an additional 3,789 shares during the last quarter. Diversified Trust Co boosted its holdings in shares of Shopify by 3.7% in the 3rd quarter. Diversified Trust Co now owns 8,439 shares of the software maker’s stock valued at $1,252,000 after purchasing an additional 301 shares in the last quarter. Titiun Yejiel acquired a new stake in shares of Shopify in the 3rd quarter valued at $2,671,000. William Blair Investment Management LLC acquired a new stake in shares of Shopify in the 3rd quarter valued at $42,568,000. Finally, Money Concepts Capital Corp increased its stake in shares of Shopify by 15.4% in the 3rd quarter. Money Concepts Capital Corp now owns 3,335 shares of the software maker’s stock valued at $495,000 after purchasing an additional 445 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Shopify

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Shopify reported 32% year-over-year revenue growth to about $3.7 billion, GMV growth of 30% to $119 billion, and a 22% free-cash-flow margin. Coverage also highlighted a forecast for another quarter of 30%-plus growth as the holiday shopping season approaches. Article Article
• Positive Sentiment: Several analysts remain constructive: Morgan Stanley reiterated a buy call after the pullback, Argus reaffirmed its buy rating with a $180 target, and Wedbush and RBC issued Outperform ratings. UBS raised its target to $160, though it kept a Neutral rating. Article Article
• Positive Sentiment: Traders bought a large volume of Shopify call options, suggesting some market participants are positioning for a rebound, though options activity is not a guarantee of future performance. Article
• Negative Sentiment: One report says Shopify’s results included a slight miss, which may be overshadowing its growth and prompting investors to reassess its premium valuation. Article
• Negative Sentiment: Rosenblatt lowered its expectations for the stock, while Cantor Fitzgerald issued a pessimistic forecast, adding to near-term analyst caution. Article Article

Shopify Company Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.