Shopify (NASDAQ:SHOP) Given New $190.00 Price Target at Bank of America

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price objective increased by stock analysts at Bank of America from $185.00 to $190.00 in a report issued on Wednesday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the software maker’s stock. Bank of America‘s price target indicates a potential upside of 16.91% from the stock’s current price.

SHOP has been the topic of a number of other reports. DA Davidson raised their price objective on Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Stifel Nicolaus set a $175.00 price objective on shares of Shopify in a research note on Tuesday, November 4th. Benchmark reiterated a “buy” rating on shares of Shopify in a research report on Wednesday, December 3rd. Zacks Research downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $181.00 price objective (up from $156.00) on shares of Shopify in a research note on Wednesday, November 5th. Twenty-two investment analysts have rated the stock with a Buy rating and twenty-three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $168.69.

Shopify Trading Down 0.4%

Shares of NASDAQ:SHOP traded down $0.62 during trading on Wednesday, reaching $162.52. The company had a trading volume of 5,648,042 shares, compared to its average volume of 9,505,018. Shopify has a 12 month low of $69.84 and a 12 month high of $182.19. The stock has a market capitalization of $211.58 billion, a P/E ratio of 120.39, a price-to-earnings-growth ratio of 5.94 and a beta of 2.82. The company has a fifty day moving average of $159.54 and a two-hundred day moving average of $140.80.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The business had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.75 billion. As a group, equities research analysts predict that Shopify will post 1.12 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

A number of hedge funds and other institutional investors have recently made changes to their positions in SHOP. Brighton Jones LLC increased its position in Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after purchasing an additional 584 shares during the period. Kovitz Investment Group Partners LLC boosted its position in Shopify by 50.5% during the 1st quarter. Kovitz Investment Group Partners LLC now owns 5,254 shares of the software maker’s stock valued at $502,000 after acquiring an additional 1,764 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its stake in shares of Shopify by 3.0% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 38,446 shares of the software maker’s stock valued at $3,715,000 after purchasing an additional 1,104 shares during the period. Algert Global LLC bought a new stake in shares of Shopify during the first quarter valued at approximately $251,000. Finally, Brooklyn Investment Group grew its stake in Shopify by 559.6% in the first quarter. Brooklyn Investment Group now owns 2,724 shares of the software maker’s stock worth $260,000 after purchasing an additional 2,311 shares during the period. 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.