Shopify Inc. (NASDAQ:SHOP) Receives $158.42 Average PT from Brokerages

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) have earned an average recommendation of “Moderate Buy” from the forty-three brokerages that are covering the company, Marketbeat Ratings reports. Ten analysts have rated the stock with a hold recommendation, thirty-one have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $157.1667.

A number of equities research analysts have recently commented on the company. Barclays set a $126.00 target price on Shopify and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. ATB Cormark Capital Markets upgraded Shopify from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, February 10th. KeyCorp reiterated an “overweight” rating and set a $160.00 target price on shares of Shopify in a research note on Wednesday, February 11th. Weiss Ratings cut Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Finally, Piper Sandler reiterated an “overweight” rating and set a $150.00 target price (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th.

Shopify Trading Up 1.6%

Shares of NASDAQ:SHOP opened at $106.60 on Friday. The stock’s fifty day simple moving average is $115.07 and its two-hundred day simple moving average is $134.43. Shopify has a 1-year low of $94.00 and a 1-year high of $182.19. The stock has a market cap of $138.33 billion, a PE ratio of 105.55, a price-to-earnings-growth ratio of 2.94 and a beta of 2.64.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating the consensus estimate of $0.22 by $998.78. The business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. On average, sell-side analysts forecast that Shopify will post 1.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new stake in Shopify in the 4th quarter worth about $2,611,797,000. Jennison Associates LLC boosted its position in Shopify by 64.3% during the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after purchasing an additional 7,403,821 shares during the period. Sands Capital Management LLC boosted its position in Shopify by 37.0% during the fourth quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock worth $1,530,187,000 after purchasing an additional 2,568,765 shares during the period. Invesco Ltd. increased its stake in shares of Shopify by 9.8% in the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after purchasing an additional 1,252,074 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in shares of Shopify by 7,207.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock worth $184,883,000 after purchasing an additional 1,132,545 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.