Shopify (NYSE:SHOP) Given New $124.00 Price Target at JPMorgan Chase & Co.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its target price increased by analysts at JPMorgan Chase & Co. from $121.00 to $124.00 in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The firm currently has an "overweight" rating on the software maker's stock. JPMorgan Chase & Co.'s target price indicates a potential downside of 3.39% from the stock's previous close.

A number of other analysts have also issued reports on SHOP. Loop Capital upgraded shares of Shopify from a "hold" rating to a "buy" rating and boosted their price target for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $130.00 target price on shares of Shopify in a research note on Wednesday, January 22nd. Atb Cap Markets downgraded Shopify from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, November 12th. The Goldman Sachs Group lifted their price target on shares of Shopify from $88.00 to $135.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. Finally, Piper Sandler boosted their target price on Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $126.21.

Shopify Stock Up 0.6 %

SHOP traded up $0.71 during trading on Wednesday, hitting $128.36. The stock had a trading volume of 8,508,068 shares, compared to its average volume of 6,434,349. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The company has a market capitalization of $165.85 billion, a PE ratio of 119.96, a PEG ratio of 2.49 and a beta of 2.47. The stock has a 50 day simple moving average of $111.90 and a two-hundred day simple moving average of $92.98. Shopify has a twelve month low of $48.56 and a twelve month high of $128.57.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. On average, research analysts predict that Shopify will post 0.91 earnings per share for the current year.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allianz SE acquired a new stake in shares of Shopify in the fourth quarter worth approximately $27,000. PFG Private Wealth Management LLC raised its position in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after purchasing an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC raised its stake in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after buying an additional 100 shares in the last quarter. Brooklyn Investment Group acquired a new position in Shopify in the third quarter valued at approximately $33,000. Finally, Rosenberg Matthew Hamilton boosted its holdings in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock valued at $36,000 after purchasing an additional 133 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Company Profile

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.