Royal Bank of Canada Trims Shopify (NYSE:SHOP) Target Price to $85.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price reduced by stock analysts at Royal Bank of Canada from $100.00 to $85.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 36.00% from the company’s previous close.

Several other analysts have also weighed in on the company. ATB Capital upped their price objective on Shopify from $105.00 to $110.00 and gave the company a “sector perform” rating in a report on Wednesday, February 14th. Citigroup raised shares of Shopify from a “neutral” rating to a “buy” rating and upped their price objective for the company from $93.00 to $105.00 in a research note on Monday, April 29th. Needham & Company LLC restated a “hold” rating on shares of Shopify in a research note on Thursday. Loop Capital lowered their target price on shares of Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Monday, April 15th. Finally, DA Davidson upped their price target on shares of Shopify from $86.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $77.47.

Shopify Stock Down 0.4 %

NYSE:SHOP traded down $0.23 during mid-day trading on Thursday, reaching $62.50. The stock had a trading volume of 14,126,551 shares, compared to its average volume of 9,877,325. The stock’s 50 day simple moving average is $74.74 and its two-hundred day simple moving average is $73.78. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a market capitalization of $80.41 billion, a price-to-earnings ratio of 696.89 and a beta of 2.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. Equities analysts anticipate that Shopify will post 0.59 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SHOP. Private Wealth Management Group LLC acquired a new stake in Shopify during the fourth quarter worth about $26,000. SJS Investment Consulting Inc. grew its stake in Shopify by 59.1% during the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after buying an additional 130 shares during the period. DSM Capital Partners LLC acquired a new stake in shares of Shopify in the fourth quarter worth $28,000. Jones Financial Companies Lllp acquired a new position in shares of Shopify during the 4th quarter valued at $28,000. Finally, Your Advocates Ltd. LLP boosted its position in Shopify by 4,344.4% during the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock worth $31,000 after purchasing an additional 391 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.