National Bankshares Issues Pessimistic Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target reduced by investment analysts at National Bankshares from $140.00 to $120.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm presently has an “outperform” rating on the software maker’s stock. National Bankshares’ price target suggests a potential upside of 23.56% from the stock’s current price.

Several other equities analysts have also commented on the stock. Robert W. Baird upped their price target on shares of Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Mizuho cut their price target on Shopify from $110.00 to $85.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Loop Capital decreased their price objective on Shopify from $150.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. DA Davidson cut their target price on Shopify from $150.00 to $115.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Morgan Stanley decreased their price target on Shopify from $144.00 to $106.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $119.67.

Shopify Stock Up 2.1 %

SHOP opened at $97.12 on Friday. The company’s 50-day moving average price is $96.79 and its 200 day moving average price is $101.92. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The firm has a market cap of $125.75 billion, a price-to-earnings ratio of 62.66, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Research analysts anticipate that Shopify will post 1.12 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Hedge funds have recently modified their holdings of the stock. Allianz SE purchased a new position in Shopify in the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC grew its stake in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after buying an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new position in Shopify in the fourth quarter worth approximately $30,000. Mark Sheptoff Financial Planning LLC raised its position in Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after acquiring an additional 100 shares in the last quarter. Finally, New Wave Wealth Advisors LLC acquired a new stake in Shopify in the fourth quarter valued at approximately $39,000. 69.27% of the stock is owned by institutional investors and hedge funds.

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.