Shopify (NYSE:SHOP) PT Raised to $1,000.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target upped by equities research analysts at Canaccord Genuity from $700.00 to $1,000.00 in a research report issued on Thursday, BenzingaRatingsTable reports. The brokerage presently has a “hold” rating on the software maker’s stock. Canaccord Genuity’s price objective would suggest a potential downside of 2.34% from the company’s previous close.

SHOP has been the subject of several other reports. Pi Financial restated a “buy” rating and set a $830.00 price objective on shares of Shopify in a research report on Monday, May 4th. Wedbush lifted their price target on Shopify from $860.00 to $998.00 and gave the company a “neutral” rating in a research note on Thursday. They noted that the move was a valuation call. ValuEngine downgraded Shopify from a “buy” rating to a “hold” rating in a research note on Friday, May 1st. Piper Sandler lifted their target price on shares of Shopify from $1,015.00 to $1,300.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, KeyCorp upped their price target on shares of Shopify from $1,125.00 to $1,150.00 and gave the company an “overweight” rating in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and eleven have assigned a buy rating to the stock. Shopify has an average rating of “Hold” and a consensus target price of $927.71.

Shares of NYSE:SHOP opened at $1,024.00 on Thursday. Shopify has a 12-month low of $282.08 and a 12-month high of $1,107.92. The company’s 50 day moving average price is $935.14 and its two-hundred day moving average price is $641.42. The firm has a market cap of $122.99 billion, a PE ratio of -1,678.66 and a beta of 1.61.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, July 29th. The software maker reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $1.04. The business had revenue of $714.34 million during the quarter, compared to analysts’ expectations of $511.56 million. Shopify had a positive return on equity of 0.32% and a negative net margin of 3.25%. The firm’s revenue for the quarter was up 97.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.10 earnings per share. Analysts forecast that Shopify will post -1.56 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the stock. New Capital Management LP increased its stake in Shopify by 180.0% during the 2nd quarter. New Capital Management LP now owns 28 shares of the software maker’s stock valued at $27,000 after purchasing an additional 18 shares in the last quarter. Lenox Wealth Advisors LLC raised its holdings in Shopify by 277.8% during the 2nd quarter. Lenox Wealth Advisors LLC now owns 34 shares of the software maker’s stock valued at $32,000 after acquiring an additional 25 shares during the period. First Horizon Advisors Inc. purchased a new stake in shares of Shopify during the second quarter worth $32,000. Squar Milner Financial Services LLC boosted its holdings in shares of Shopify by 102.5% in the first quarter. Squar Milner Financial Services LLC now owns 81 shares of the software maker’s stock worth $33,000 after acquiring an additional 41 shares during the period. Finally, Key Financial Inc purchased a new position in shares of Shopify in the first quarter valued at $34,000. Institutional investors own 60.17% of the company’s stock.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Analyst Recommendations for Shopify (NYSE:SHOP)

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