Wells Fargo & Company Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective boosted by Wells Fargo & Company from $90.00 to $120.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the software maker’s stock.

Other research analysts also recently issued reports about the stock. Royal Bank of Canada raised their price objective on shares of Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday. Morgan Stanley increased their target price on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Scotiabank lifted their price target on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a report on Tuesday, September 17th. Finally, Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and raised their target price for the stock from $78.00 to $82.00 in a research note on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Stock Up 5.7 %

Shares of NYSE SHOP opened at $115.13 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The stock has a market capitalization of $148.56 billion, a PE ratio of 107.60, a P/E/G ratio of 3.64 and a beta of 2.36. Shopify has a one year low of $48.56 and a one year high of $115.62. The business’s fifty day moving average price is $79.47 and its 200-day moving average price is $70.18.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Shopify had a return on equity of 11.94% and a net margin of 16.84%. On average, equities research analysts anticipate that Shopify will post 0.76 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SHOP. Oliver Lagore Vanvalin Investment Group raised its holdings in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new position in shares of Shopify in the second quarter valued at about $33,000. Hazlett Burt & Watson Inc. bought a new position in shares of Shopify during the second quarter valued at about $33,000. Brooklyn Investment Group purchased a new stake in shares of Shopify during the third quarter worth about $33,000. Finally, Rosenberg Matthew Hamilton grew its stake in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

About Shopify

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.