Shopify (NYSE:SHOP) Price Target Lowered to $77.00 at Robert W. Baird

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lowered by equities research analysts at Robert W. Baird from $87.00 to $77.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price objective points to a potential upside of 22.59% from the company’s current price.

A number of other research firms have also weighed in on SHOP. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 target price on shares of Shopify in a report on Wednesday, February 14th. StockNews.com upgraded Shopify from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. Loop Capital decreased their price objective on shares of Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. CIBC lifted their target price on shares of Shopify from $82.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Finally, Citigroup upgraded shares of Shopify from a “neutral” rating to a “buy” rating and raised their price objective for the company from $93.00 to $105.00 in a research report on Monday, April 29th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, Shopify presently has a consensus rating of “Hold” and a consensus target price of $78.67.

Shopify Trading Down 18.5 %

NYSE:SHOP opened at $62.81 on Thursday. The company has a market cap of $80.81 billion, a P/E ratio of 697.89 and a beta of 2.20. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. The stock’s fifty day moving average price is $74.74 and its two-hundred day moving average price is $73.78.

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

Hedge Funds Weigh In On Shopify

A number of institutional investors and hedge funds have recently made changes to their positions in SHOP. StoneCrest Wealth Management Inc. bought a new position in Shopify during the 4th quarter valued at approximately $1,164,000. Asset Management One Co. Ltd. raised its position in shares of Shopify by 4,007.4% in the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock worth $2,807,000 after purchasing an additional 34,624 shares during the last quarter. SeaCrest Wealth Management LLC bought a new position in Shopify in the 4th quarter worth about $433,000. Bleakley Financial Group LLC grew its position in Shopify by 18.5% during the 4th quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock valued at $840,000 after purchasing an additional 1,681 shares during the last quarter. Finally, Advisor Resource Council bought a new stake in Shopify during the 4th quarter valued at about $1,488,000. Institutional investors own 69.27% of the company’s stock.

About Shopify

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.