Scotiabank Raises Shopify (NYSE:SHOP) Price Target to $80.00

Shopify (NYSE:SHOP - Free Report) TSE: SHOP had its price objective upped by Scotiabank from $70.00 to $80.00 in a research report released on Thursday, BayStreet.CA reports. They currently have a sector perform rating on the software maker's stock.

A number of other research firms also recently weighed in on SHOP. CIBC lifted their price objective on Shopify from $82.00 to $100.00 and gave the company an outperform rating in a report on Wednesday, February 7th. The Goldman Sachs Group lifted their price objective on Shopify from $67.00 to $75.00 and gave the company a neutral rating in a report on Thursday, February 29th. ATB Capital boosted their target price on Shopify from $105.00 to $110.00 and gave the stock a sector perform rating in a report on Wednesday, February 14th. Mizuho boosted their target price on Shopify from $65.00 to $75.00 and gave the stock a neutral rating in a report on Wednesday, February 14th. Finally, Royal Bank of Canada reissued an outperform rating and issued a $100.00 target price on shares of Shopify in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and seventeen have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $79.03.

Shopify Stock Performance

Shares of Shopify stock traded up $1.62 during trading on Thursday, reaching $72.02. The company's stock had a trading volume of 5,382,635 shares, compared to its average volume of 9,265,277. Shopify has a one year low of $45.50 and a one year high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The firm has a market cap of $92.66 billion, a price-to-earnings ratio of 800.31 and a beta of 2.20. The business's fifty day moving average price is $74.77 and its 200-day moving average price is $73.00.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. As a group, equities research analysts predict that Shopify will post 0.58 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Several large investors have recently modified their holdings of the stock. Baillie Gifford & Co. raised its position in shares of Shopify by 2.3% in the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker's stock valued at $4,998,476,000 after purchasing an additional 1,419,749 shares during the period. Vanguard Group Inc. raised its position in shares of Shopify by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker's stock valued at $3,284,910,000 after purchasing an additional 1,242,067 shares during the period. Capital World Investors raised its position in shares of Shopify by 28.7% in the fourth quarter. Capital World Investors now owns 39,424,769 shares of the software maker's stock valued at $3,071,197,000 after purchasing an additional 8,789,411 shares during the period. Capital International Investors raised its position in shares of Shopify by 9.7% in the fourth quarter. Capital International Investors now owns 15,849,638 shares of the software maker's stock valued at $1,235,534,000 after purchasing an additional 1,399,562 shares during the period. Finally, Norges Bank bought a new position in shares of Shopify in the fourth quarter valued at about $1,049,089,000. 69.27% of the stock is owned by 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.