Shopify (NYSE:SHOP) Stock Price Expected to Rise, Oppenheimer Analyst Says

Key Points

• Oppenheimer has raised its price target for Shopify's stock from $145.00 to $180.00, indicating a potential 16.55% upside from the stock's previous close.
• Shopify currently holds a consensus rating of "Moderate Buy" with a consensus target price of $123.37, despite mixed ratings from various analysts.
• Institutional investors own 69.27% of Shopify's stock, reflecting growing interest with significant stakes acquired during the second quarter.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price objective upped by equities research analysts at Oppenheimer from $145.00 to $180.00 in a report issued on Thursday, August 7th, Marketbeat reports. The brokerage currently has an "outperform" rating on the software maker's stock. Oppenheimer's price objective suggests a potential upside of 19.93% from the stock's current price.

SHOP has been the subject of a number of other reports. Jefferies Financial Group reduced their price target on shares of Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a report on Monday, May 5th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $91.00 target price on shares of Shopify in a research note on Wednesday, June 11th. JPMorgan Chase & Co. decreased their target price on Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. BMO Capital Markets began coverage on Shopify in a research report on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 target price for the company. Finally, ATB Capital lowered shares of Shopify to a "sector perform" rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $148.51.

Shopify Price Performance

SHOP stock opened at $150.09 on Thursday. The stock has a market capitalization of $194.72 billion, a price-to-earnings ratio of 96.83, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The company has a 50-day moving average of $120.13 and a two-hundred day moving average of $108.72. Shopify has a 52-week low of $65.86 and a 52-week high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter last year, the firm posted $0.26 EPS. The company's revenue was up 31.1% on a year-over-year basis. Equities analysts expect that Shopify will post 1.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Large investors have recently bought and sold shares of the company. Family Legacy Financial Solutions LLC bought a new position in Shopify during the second quarter worth about $25,000. Financial Gravity Companies Inc. acquired a new stake in shares of Shopify during the second quarter worth about $27,000. Rothschild Investment LLC lifted its holdings in shares of Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker's stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Tradewinds Capital Management LLC grew its position in shares of Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock valued at $28,000 after purchasing an additional 100 shares during the period. Finally, Coastline Trust Co bought a new stake in Shopify during the 2nd quarter worth approximately $29,000. Institutional investors 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.