Shopify (NASDAQ:SHOP) Stock Gets Price Target Bump from Robert W. Baird

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price objective upped by Robert W. Baird from $160.00 to $190.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price target points to a potential upside of 7.64% from the stock’s current price.

Several other brokerages also recently weighed in on SHOP. Benchmark increased their target price on shares of Shopify from $145.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Bank of America initiated coverage on Shopify in a report on Tuesday, July 7th. They set a “buy” rating and a $150.00 price target on the stock. Stifel Nicolaus set a $210.00 price target on Shopify in a research report on Wednesday. Truist Financial set a $180.00 price target on Shopify and gave the company a “buy” rating in a research report on Wednesday, August 5th. Finally, BTIG Research initiated coverage on Shopify in a research note on Friday, July 10th. They set a “buy” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $175.37.

Shopify Stock Down 1.5%

Shares of NASDAQ:SHOP opened at $176.52 on Wednesday. Shopify has a 1-year low of $94.00 and a 1-year high of $182.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35. The stock has a market cap of $227.12 billion, a P/E ratio of 119.27, a P/E/G ratio of 3.70 and a beta of 2.62. The firm has a fifty day moving average price of $147.68 and a 200 day moving average price of $127.08.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, beating analysts’ consensus estimates 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%. The company’s revenue for the quarter was up 33.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.69 earnings per share. Sell-side analysts predict that Shopify will post 1.46 EPS for the current year.

Hedge Funds Weigh In On Shopify

Large investors have recently made changes to their positions in the stock. Norris Financial Group LLC purchased a new position in Shopify during the 1st quarter valued at about $1,586,000. Infusive Asset Management Inc. lifted its holdings in shares of Shopify by 27.4% in the first quarter. Infusive Asset Management Inc. now owns 43,611 shares of the software maker’s stock valued at $5,173,000 after purchasing an additional 9,374 shares in the last quarter. 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 purchasing an additional 9,096 shares in the last quarter. Ninepoint Partners LP purchased a new stake in shares of Shopify in the second quarter valued at about $29,027,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Shopify by 8.5% in the first quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker’s stock valued at $998,137,000 after purchasing an additional 660,198 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

Shopify Inc is a commerce technology company that provides tools for businesses to start, operate and grow online and in physical retail environments. Its platform enables merchants to create and manage online stores, sell through multiple channels, process orders and payments, manage inventory and engage with customers.

Shopify’s products and services include its core commerce platform, Shopify Plus for larger businesses, Shopify Payments, Shop Pay, point-of-sale solutions and tools for marketing, shipping, analytics and customer management.