National Bankshares Issues Positive Forecast for Shopify (NASDAQ:SHOP) Stock Price

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price objective lifted by National Bankshares from $180.00 to $200.00 in a research report report published on Thursday,BayStreet.CA reports. National Bankshares currently has an outperform rating on the software maker’s stock.

Several other research firms have also recently weighed in on SHOP. UBS Group lifted their target price on Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Arete Research raised Shopify to a “hold” rating in a research note on Wednesday, July 23rd. Royal Bank Of Canada increased their price objective on Shopify from $170.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Loop Capital lowered Shopify from a “buy” rating to a “hold” rating and set a $120.00 price objective for the company. in a report on Tuesday, July 22nd. Finally, TD Securities increased their price objective on Shopify from $130.00 to $156.00 and gave the stock a “hold” rating in a report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $153.30.

Shopify Stock Up 3.1%

Shares of Shopify stock opened at $167.03 on Thursday. The stock has a market cap of $217.08 billion, a PE ratio of 93.31, a price-to-earnings-growth ratio of 7.58 and a beta of 2.72. The business has a fifty day simple moving average of $149.30 and a 200-day simple moving average of $123.18. Shopify has a 12 month low of $69.84 and a 12 month high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the previous year, the business posted $0.26 EPS. The business’s revenue for the quarter was up 31.1% on a year-over-year basis. Analysts expect that Shopify will post 1.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Institutional investors have recently bought and sold shares of the stock. Family Legacy Financial Solutions LLC bought a new position in Shopify during the second quarter valued at about $25,000. Financial Gravity Companies Inc. bought a new position in Shopify during the second quarter valued at about $27,000. Rothschild Investment LLC raised its holdings in Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares in the last quarter. Heartwood Wealth Advisors LLC bought a new position in Shopify during the third quarter valued at about $27,000. Finally, Tradewinds Capital Management LLC raised its holdings in Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after buying an additional 100 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Company Profile

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.