CIBC Lowers Shopify (NYSE:SHOP) Price Target to $85.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective cut by analysts at CIBC from $100.00 to $85.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “outperformer” rating on the software maker’s stock. CIBC’s target price would indicate a potential upside of 36.13% from the company’s current price.

A number of other brokerages have also commented on SHOP. The Goldman Sachs Group decreased their price target on shares of Shopify from $75.00 to $67.00 and set a “neutral” rating on the stock in a research note on Thursday. National Bankshares increased their price objective on Shopify from $80.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. Royal Bank of Canada decreased their price target on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday. Citigroup upgraded shares of Shopify from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $93.00 to $105.00 in a research note on Monday, April 29th. Finally, Wedbush restated a “neutral” rating and set a $68.00 target price on shares of Shopify in a research report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $76.67.

Shopify Stock Performance

Shares of SHOP stock traded down $0.29 on Thursday, reaching $62.44. The stock had a trading volume of 16,810,551 shares, compared to its average volume of 9,905,413. Shopify has a 12 month low of $45.50 and a 12 month high of $91.57. The firm has a market capitalization of $80.33 billion, a price-to-earnings ratio of 693.78 and a beta of 2.20. The firm’s 50-day moving average is $74.74 and its two-hundred day moving average is $73.78. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. On average, research analysts expect that Shopify will post 0.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several large investors have recently added to or reduced their stakes in SHOP. Orion Portfolio Solutions LLC boosted its stake in Shopify by 3.2% during the first quarter. Orion Portfolio Solutions LLC now owns 38,473 shares of the software maker’s stock worth $2,969,000 after acquiring an additional 1,201 shares in the last quarter. Blair William & Co. IL boosted its position in shares of Shopify by 0.4% during the 1st quarter. Blair William & Co. IL now owns 371,735 shares of the software maker’s stock worth $28,687,000 after purchasing an additional 1,356 shares in the last quarter. HBK Sorce Advisory LLC grew its stake in shares of Shopify by 4.3% in the 1st quarter. HBK Sorce Advisory LLC now owns 6,511 shares of the software maker’s stock valued at $502,000 after buying an additional 266 shares during the period. Midwest Professional Planners LTD. increased its position in Shopify by 31.7% in the 1st quarter. Midwest Professional Planners LTD. now owns 4,842 shares of the software maker’s stock valued at $374,000 after buying an additional 1,166 shares in the last quarter. Finally, Kingsview Wealth Management LLC raised its stake in Shopify by 1.4% during the 1st quarter. Kingsview Wealth Management LLC now owns 26,369 shares of the software maker’s stock worth $2,035,000 after buying an additional 365 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.