Shopify (NASDAQ:SHOP) Given a $180.00 Price Target by Royal Bank Of Canada Analysts

Key Points

• Royal Bank of Canada set a $180 price target for Shopify and maintained an “outperform” rating, implying 18.13% upside from the prior close.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average target of $170.84, although some firms recently downgraded the stock to “hold.”
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, and EPS of $0.42, exceeding expectations of $0.40.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP has been given a $180.00 price target by equities research analysts at Royal Bank Of Canada in a research note issued on Wednesday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the software maker's stock. Royal Bank Of Canada's target price would indicate a potential upside of 18.13% from the stock's previous close.

Several other equities analysts have also recently issued reports on the company. BMO Capital Markets set a $165.00 target price on Shopify and gave the stock an "outperform" rating in a research report on Thursday, August 6th. DZ Bank downgraded Shopify from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 7th. Canaccord Genuity Group set a $180.00 price objective on Shopify and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Citigroup reissued an "outperform" rating on shares of Shopify in a report on Thursday, August 6th. Finally, Zacks Research lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $170.84.

Shopify Stock Performance

SHOP traded down $1.51 during trading on Wednesday, hitting $152.37. The stock had a trading volume of 2,450,865 shares, compared to its average volume of 10,544,965. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35. The firm has a market capitalization of $196.05 billion, a P/E ratio of 102.95, a PEG ratio of 3.06 and a beta of 2.58. The company's 50-day moving average price is $128.34 and its 200 day moving average price is $120.98. Shopify has a twelve month low of $94.00 and a twelve month high of $182.19.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its earnings results on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. The company had revenue of $3.58 billion during the quarter. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The firm's revenue was up 33.7% on a year-over-year basis. During the same quarter last year, the business posted $0.69 EPS. On average, equities research analysts forecast that Shopify will post 1.45 EPS for the current fiscal year.

Institutional Trading of Shopify

Several large investors have recently bought and sold shares of SHOP. Kingdom Financial Group LLC. purchased a new position in Shopify during the 4th quarter valued at about $26,000. Curio Wealth LLC acquired a new stake in shares of Shopify in the fourth quarter valued at approximately $27,000. Evolution Wealth Management Inc. grew its position in shares of Shopify by 203.9% in the first quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker's stock valued at $27,000 after purchasing an additional 155 shares during the last quarter. Graney & King LLC purchased a new position in shares of Shopify during the 1st quarter worth approximately $27,000. Finally, Lloyd Advisory Services LLC. acquired a new position in shares of Shopify during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 69.27% of the company's stock.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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