Shopify (NYSE:SHOP) Price Target Cut to $100.00 by Analysts at Truist Financial

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price trimmed by Truist Financial from $120.00 to $100.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has a hold rating on the software maker’s stock.

Other research analysts have also issued research reports about the company. Jefferies Financial Group reduced their price objective on Shopify from $130.00 to $110.00 and set a “hold” rating for the company in a research report on Monday. The Goldman Sachs Group lowered their price target on Shopify from $150.00 to $130.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. CIBC increased their price objective on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Oppenheimer decreased their target price on shares of Shopify from $150.00 to $125.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Finally, TD Securities increased their price target on shares of Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $116.00.

Shopify Stock Down 4.6 %

Shares of SHOP stock opened at $93.83 on Tuesday. The business’s fifty day moving average is $94.07 and its 200 day moving average is $102.63. The stock has a market cap of $121.49 billion, a price-to-earnings ratio of 60.54, a PEG ratio of 4.82 and a beta of 2.66. Shopify has a twelve month low of $48.56 and a twelve month high of $129.38.

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

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently modified their holdings of the stock. Synovus Financial Corp purchased a new stake in Shopify in the 3rd quarter worth $481,000. CWA Asset Management Group LLC increased its holdings in shares of Shopify by 3.6% in the fourth quarter. CWA Asset Management Group LLC now owns 4,282 shares of the software maker’s stock worth $455,000 after purchasing an additional 148 shares during the last quarter. Diversified Trust Co purchased a new stake in shares of Shopify in the fourth quarter worth about $279,000. One Wealth Capital Management LLC bought a new position in Shopify during the fourth quarter valued at approximately $1,281,000. Finally, Fulton Bank N.A. purchased a new position in Shopify during the 4th quarter valued at approximately $286,000. 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.