Shopify (NYSE:SHOP) PT Lowered to $75.00 at Scotiabank

Shopify (NYSE:SHOP - Free Report) TSE: SHOP had its price target reduced by Scotiabank from $80.00 to $75.00 in a report published on Thursday morning, Benzinga reports. They currently have a sector perform rating on the software maker's stock.

Several other equities analysts have also recently commented on SHOP. Canaccord Genuity Group cut their price target on Shopify from $90.00 to $80.00 and set a buy rating for the company in a report on Thursday. DA Davidson reduced their target price on Shopify from $90.00 to $84.00 and set a buy rating for the company in a research report on Thursday. Mizuho lowered their price target on shares of Shopify from $75.00 to $65.00 and set a neutral rating on the stock in a report on Thursday. Benchmark reiterated a hold rating on shares of Shopify in a research report on Tuesday. Finally, Wedbush reissued a neutral rating and issued a $68.00 price target on shares of Shopify in a research report on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating and seventeen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Shopify presently has an average rating of Hold and a consensus target price of $76.53.

Shopify Stock Performance

Shares of SHOP traded down $0.26 during mid-day trading on Thursday, hitting $62.47. The company's stock had a trading volume of 19,793,221 shares, compared to its average volume of 9,943,693. Shopify has a one year low of $45.50 and a one year high of $91.57. The stock's 50-day moving average is $74.48 and its two-hundred day moving average is $73.70. The firm has a market capitalization of $80.37 billion, a PE ratio of 694.11 and a beta of 2.20. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. As a group, sell-side analysts anticipate that Shopify will post 0.59 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Baillie Gifford & Co. lifted its holdings in shares of Shopify by 2.3% during the 4th 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 in the last quarter. Vanguard Group Inc. lifted its stake in 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 buying an additional 1,242,067 shares in the last quarter. Capital World Investors boosted its holdings 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 buying an additional 8,789,411 shares during the period. Capital International Investors raised its holdings in shares of Shopify by 9.7% during the fourth quarter. Capital International Investors now owns 15,849,638 shares of the software maker's stock worth $1,235,534,000 after acquiring an additional 1,399,562 shares during the period. Finally, Norges Bank bought a new stake in Shopify in the 4th quarter valued at $1,049,089,000. Institutional investors own 69.27% of the company's stock.

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.