The Goldman Sachs Group Issues Pessimistic Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price target lowered by The Goldman Sachs Group from $150.00 to $130.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the software maker's stock. The Goldman Sachs Group's target price would indicate a potential upside of 33.86% from the stock's current price.

Several other research analysts also recently weighed in on the stock. Oppenheimer upped their price target on shares of Shopify from $130.00 to $150.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. ATB Capital raised their target price on Shopify from $145.00 to $170.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 12th. Citigroup boosted their price target on Shopify from $143.00 to $175.00 and gave the stock a "buy" rating in a research report on Tuesday, February 11th. Evercore ISI increased their price objective on Shopify from $125.00 to $140.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. Finally, Phillip Securities cut shares of Shopify from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, February 17th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and an average target price of $119.67.

Shopify Price Performance

NYSE SHOP traded up $2.00 during trading hours on Tuesday, reaching $97.12. The company's stock had a trading volume of 7,818,257 shares, compared to its average volume of 9,286,129. The firm has a market capitalization of $125.75 billion, a price-to-earnings ratio of 62.66, a P/E/G ratio of 4.82 and a beta of 2.82. The company's 50-day moving average is $96.79 and its two-hundred day moving average is $101.92. Shopify has a 1-year low of $48.56 and a 1-year high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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%. Equities analysts forecast that Shopify will post 1.12 EPS for the current fiscal year.

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new position in Shopify in the fourth quarter valued at approximately $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Shopify by 79.8% in the 4th 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 in the last quarter. Alliancebernstein L.P. grew its position in shares of Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after buying an additional 3,849,796 shares during the last quarter. Marshall Wace LLP grew its position in shares of Shopify by 623.8% in the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after buying an additional 2,228,091 shares during the last quarter. Finally, Durable Capital Partners LP raised its stake in Shopify by 86.9% during the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after acquiring an additional 1,836,294 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.