Shopify (NYSE:SHOP) Given New $90.00 Price Target at Scotiabank

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price target reduced by equities researchers at Scotiabank from $120.00 to $90.00 in a note issued to investors on Monday,BayStreet.CA reports. The brokerage currently has a "sector perform" rating on the software maker's stock. Scotiabank's price objective would suggest a potential downside of 7.71% from the company's previous close.

Several other research analysts have also weighed in on SHOP. DA Davidson decreased their price objective on shares of Shopify from $150.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 14th. Oppenheimer lifted their price objective on shares of Shopify from $130.00 to $150.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. UBS Group increased their target price on shares of Shopify from $110.00 to $125.00 and gave the stock a "neutral" rating in a report on Wednesday, February 12th. Truist Financial increased their price objective on shares of Shopify from $110.00 to $120.00 and gave the stock a "hold" rating in a research note on Wednesday, February 12th. Finally, National Bankshares cut their target price on Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a research note on Friday. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $118.83.

Shopify Stock Performance

Shares of SHOP stock traded up $0.40 during trading hours on Monday, reaching $97.52. The company had a trading volume of 3,749,059 shares, compared to its average volume of 9,264,563. The company has a market capitalization of $126.27 billion, a P/E ratio of 62.98, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82. Shopify has a twelve month low of $48.56 and a twelve month high of $129.38. The stock's fifty day simple moving average is $96.79 and its 200 day simple moving average is $102.05.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, equities analysts expect that Shopify will post 1.12 earnings per share for the current year.

Institutional Trading of Shopify

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Capital World Investors raised its position in shares of Shopify by 0.9% during the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after acquiring an additional 496,982 shares during the last quarter. Vanguard Group Inc. raised its holdings in Shopify by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock worth $5,010,721,000 after purchasing an additional 781,162 shares during the last quarter. FMR LLC boosted its stake in shares of Shopify by 3.4% in the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock valued at $4,653,054,000 after purchasing an additional 1,426,000 shares during the last quarter. Capital International Investors raised its stake in shares of Shopify by 2.7% during the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after buying an additional 968,026 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after buying an additional 7,316,862 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Company Profile

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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