Shopify (NYSE:SHOP) Price Target Increased to $1,450.00 by Analysts at DA Davidson

Last updated on Thursday, July 29, 2021 | 2021 MarketBeat

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective upped by analysts at DA Davidson from $1,275.00 to $1,450.00 in a research note issued to investors on Thursday, The Fly reports. The brokerage currently has a "neutral" rating on the software maker's stock. DA Davidson's target price points to a potential downside of 5.41% from the company's current price.

Several other research firms have also issued reports on SHOP. TheStreet raised shares of Shopify from a "c" rating to a "b-" rating in a report on Monday, May 3rd. Piper Sandler boosted their target price on shares of Shopify from $1,500.00 to $1,600.00 and gave the company an "overweight" rating in a research report on Wednesday, April 28th. Canaccord Genuity upped their price objective on shares of Shopify from $1,350.00 to $1,450.00 and gave the stock a "hold" rating in a research report on Thursday. Zacks Investment Research upgraded shares of Shopify from a "hold" rating to a "strong-buy" rating and set a $1,514.00 price objective for the company in a research report on Friday, July 16th. Finally, Wolfe Research upped their price objective on shares of Shopify from $1,500.00 to $1,980.00 and gave the stock an "outperform" rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company's stock. Shopify presently has an average rating of "Buy" and an average target price of $1,586.74.

SHOP stock opened at $1,533.00 on Thursday. The company has a market cap of $190.59 billion, a PE ratio of 120.53, a PEG ratio of 42.80 and a beta of 1.45. Shopify has a 12-month low of $839.40 and a 12-month high of $1,650.00. The company has a debt-to-equity ratio of 0.10, a current ratio of 17.13 and a quick ratio of 17.13. The company has a 50 day simple moving average of $1,399.58.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, July 28th. The software maker reported $2.24 earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of $0.19 by $2.05. Shopify had a return on equity of 6.52% and a net margin of 46.67%. As a group, analysts predict that Shopify will post 1.54 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the company. First Trust Advisors LP grew its holdings in shares of Shopify by 15.6% during the first quarter. First Trust Advisors LP now owns 3,499 shares of the software maker's stock worth $723,000 after buying an additional 472 shares in the last quarter. Berman Capital Advisors LLC lifted its position in Shopify by 16.4% during the fourth quarter. Berman Capital Advisors LLC now owns 327 shares of the software maker's stock valued at $368,000 after buying an additional 46 shares in the last quarter. Schroder Investment Management Group lifted its position in Shopify by 3.8% during the fourth quarter. Schroder Investment Management Group now owns 7,390 shares of the software maker's stock valued at $9,741,000 after buying an additional 271 shares in the last quarter. United Capital Financial Advisers LLC lifted its position in Shopify by 66.8% during the fourth quarter. United Capital Financial Advisers LLC now owns 6,945 shares of the software maker's stock valued at $7,861,000 after buying an additional 2,782 shares in the last quarter. Finally, IHT Wealth Management LLC lifted its position in Shopify by 27.0% during the fourth quarter. IHT Wealth Management LLC now owns 414 shares of the software maker's stock valued at $469,000 after buying an additional 88 shares in the last quarter. Institutional investors own 58.99% of the company's stock.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, the United Kingdom, Australia, Latin America, and internationally. The company's platform provides merchants to run their business in 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, and access financing.

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