National Bankshares Forecasts Strong Price Appreciation for Shopify (NASDAQ:SHOP) Stock

Key Points

• National Bankshares raised its price target for Shopify (NASDAQ:SHOP) from $180.00 to $200.00, indicating a potential upside of 19.66% from the current price.
• Shopify recently reported earnings of $0.35 EPS and revenue of $2.68 billion, which exceeded analysts' expectations for both metrics, reflecting a 31.1% year-over-year revenue growth.
• The stock is currently rated with a consensus of 22 Buy ratings, 22 Hold ratings, and 1 Sell rating, with an average price target of $153.30.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP had its target price lifted by National Bankshares from $180.00 to $200.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The firm currently has an "outperform" rating on the software maker's stock. National Bankshares' price target suggests a potential upside of 19.66% from the company's current price.

Other analysts also recently issued reports about the company. The Goldman Sachs Group increased their price objective on Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Mizuho increased their price objective on Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Barclays increased their price objective on Shopify from $94.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 7th. DA Davidson increased their price target on Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Bank of America increased their price target on Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $153.30.

Shopify Stock Up 3.2%

NASDAQ:SHOP traded up $5.13 on Thursday, hitting $167.14. The stock had a trading volume of 3,579,573 shares, compared to its average volume of 9,642,737. The business's fifty day moving average is $148.84 and its 200 day moving average is $122.57. The company has a market cap of $217.23 billion, a PE ratio of 93.37, a P/E/G ratio of 7.61 and a beta of 2.72. Shopify has a 52 week low of $69.84 and a 52 week high of $169.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company's quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.26 earnings per share. Equities analysts predict that Shopify will post 1.12 earnings per share for the current fiscal year.

Institutional Trading of Shopify

Large investors have recently bought and sold shares of the company. Family Legacy Financial Solutions LLC purchased a new stake in Shopify in the second quarter worth $25,000. Financial Gravity Companies Inc. purchased a new position in shares of Shopify in the second quarter valued at $27,000. Rothschild Investment LLC grew its position in shares of Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker's stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Heartwood Wealth Advisors LLC purchased a new position in shares of Shopify in the third quarter valued at $27,000. Finally, Tradewinds Capital Management LLC grew its position in shares of Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock valued at $28,000 after purchasing an additional 100 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.