Shopify (NASDAQ:SHOP) Given a $180.00 Price Target at Royal Bank Of Canada

Shopify (NASDAQ:SHOP) (TSE:SHOP) has been given a $180.00 price target by research analysts at Royal Bank Of Canada in a research report issued on Wednesday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Royal Bank Of Canada’s price objective indicates a potential upside of 18.13% from the company’s current price.

Several other analysts have also recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $180.00 target price on shares of Shopify in a research note on Tuesday, May 5th. DA Davidson set a $200.00 price objective on Shopify and gave the stock a “buy” rating in a report on Thursday, August 6th. Wedbush lifted their price objective on Shopify from $155.00 to $176.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Barclays set a $145.00 target price on Shopify and gave the stock an “equal weight” rating in a research report on Thursday, August 6th. Finally, Seaport Research Partners restated a “buy” rating and issued a $175.00 price target on shares of Shopify in a report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $170.84.

Shopify Price Performance

SHOP stock traded down $1.51 during trading on Wednesday, hitting $152.37. The stock had a trading volume of 2,450,865 shares, compared to its average volume of 10,544,965. The company’s 50 day moving average price is $128.34 and its two-hundred day moving average price is $120.98. Shopify has a 1-year low of $94.00 and a 1-year high of $182.19. The stock has a market cap of $196.05 billion, a price-to-earnings ratio of 102.95, a price-to-earnings-growth ratio of 3.06 and a beta of 2.58. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. The company had revenue of $3.58 billion for the quarter. Shopify had a net margin of 14.53% and a return on equity of 12.58%. Shopify’s revenue for the quarter was up 33.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.69 earnings per share. On average, sell-side analysts forecast that Shopify will post 1.45 EPS for the current fiscal year.

Institutional Trading of Shopify

Institutional investors and hedge funds have recently made changes to their positions in the company. M&T Bank Corp lifted its position in Shopify by 37.1% in the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock worth $13,051,000 after purchasing an additional 21,945 shares during the period. Triasima Portfolio Management inc. increased its position in shares of Shopify by 11.0% during the 4th quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock valued at $29,398,000 after purchasing an additional 18,028 shares during the period. Norris Financial Group LLC bought a new stake in shares of Shopify in the 1st quarter worth $1,586,000. Infusive Asset Management Inc. raised its stake in shares of Shopify by 27.4% in the 1st quarter. Infusive Asset Management Inc. now owns 43,611 shares of the software maker’s stock worth $5,173,000 after buying an additional 9,374 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp lifted its holdings in shares of Shopify by 18.6% in the first quarter. OMERS ADMINISTRATION Corp now owns 58,044 shares of the software maker’s stock valued at $6,876,000 after buying an additional 9,096 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.