Shopify (NYSE:SHOP) Price Target Raised to $1,200.00 at Robert W. Baird

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by Robert W. Baird from $1,100.00 to $1,200.00 in a research note issued to investors on Thursday morning, The Fly reports.

A number of other brokerages have also commented on SHOP. Barclays lifted their price target on Shopify from $960.00 to $1,040.00 and gave the stock an equal weight rating in a report on Thursday. Argus initiated coverage on Shopify in a research note on Wednesday, July 1st. They issued a buy rating and a $1,050.00 target price on the stock. Jefferies Financial Group restated a hold rating and issued a $725.00 target price on shares of Shopify in a research note on Tuesday, July 28th. KeyCorp boosted their target price on Shopify from $1,125.00 to $1,150.00 and gave the company an overweight rating in a research note on Thursday. Finally, Wells Fargo & Co boosted their target price on Shopify from $700.00 to $1,000.00 and gave the company a hold rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $927.71.

Shares of Shopify stock opened at $1,024.00 on Thursday. The business’s fifty day simple moving average is $935.14 and its 200 day simple moving average is $641.42. The firm has a market capitalization of $120.08 billion, a P/E ratio of 14,628.57 and a beta of 1.61. Shopify has a 12 month low of $282.08 and a 12 month high of $1,107.92.

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

A number of institutional investors have recently bought and sold shares of the stock. Comerica Bank grew its position in Shopify by 2.2% during the second quarter. Comerica Bank now owns 7,828 shares of the software maker’s stock worth $7,494,000 after buying an additional 169 shares in the last quarter. Valmark Advisers Inc. purchased a new position in Shopify during the second quarter worth about $270,000. Ingalls & Snyder LLC purchased a new position in Shopify during the second quarter worth about $261,000. Sigma Planning Corp grew its position in Shopify by 64.4% during the second quarter. Sigma Planning Corp now owns 6,771 shares of the software maker’s stock worth $6,427,000 after buying an additional 2,652 shares in the last quarter. Finally, NexWave Capital Partners LLC purchased a new position in Shopify during the second quarter worth about $244,000. Institutional investors and hedge funds own 60.17% of the company’s stock.

About Shopify

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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