Robert W. Baird Issues Positive Forecast for Shopify (NASDAQ:SHOP) Stock Price

Key Points

• Robert W. Baird has raised its price target for Shopify (NASDAQ:SHOP) from $160.00 to $170.00, suggesting a potential upside of 4.83% from its current price.
• Several analysts, including National Bankshares and Bank of America, have also upgraded Shopify's price targets significantly, with a consensus target price now at $151.95.
• Shopify recently reported a 31.1% year-over-year increase in revenue, posting $2.68 billion for the quarter, exceeding expectations.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP had its price target increased by stock analysts at Robert W. Baird from $160.00 to $170.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The firm presently has an "outperform" rating on the software maker's stock. Robert W. Baird's target price points to a potential upside of 4.83% from the company's current price.

A number of other research analysts also recently commented on SHOP. National Bankshares increased their price objective on Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Mizuho increased their price objective on Shopify from $85.00 to $150.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Bank of America increased their price objective on Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Wedbush increased their price objective on Shopify from $115.00 to $160.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, The Goldman Sachs Group increased their price objective on Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Shopify has an average rating of "Hold" and a consensus target price of $151.95.

Shopify Stock Down 1.4%

NASDAQ SHOP traded down $2.34 during trading hours on Tuesday, hitting $162.16. 4,578,299 shares of the company were exchanged, compared to its average volume of 9,774,142. The company has a 50 day moving average of $143.53 and a two-hundred day moving average of $117.76. Shopify has a 52-week low of $69.84 and a 52-week high of $169.69. The firm has a market cap of $210.75 billion, a price-to-earnings ratio of 90.59, a PEG ratio of 7.64 and a beta of 2.72.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Family Legacy Financial Solutions LLC acquired a new position in shares of Shopify during the second quarter worth about $25,000. Financial Gravity Companies Inc. acquired a new position in shares of Shopify during the second quarter worth about $27,000. Rothschild Investment LLC lifted its stake in shares of Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker's stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Heartwood Wealth Advisors LLC acquired a new position in shares of Shopify during the third quarter worth about $27,000. Finally, Tradewinds Capital Management LLC lifted its stake in shares of Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock worth $28,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds 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.

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