Analysts Set Shopify Inc. (NASDAQ:SHOP) Target Price at $171.61

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) have received an average recommendation of “Moderate Buy” from the forty-four research firms that are currently covering the stock, Marketbeat.com reports. Twenty research analysts have rated the stock with a hold recommendation and twenty-four have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $171.6111.

A number of analysts recently commented on SHOP shares. Robert W. Baird upped their price objective on Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Scotiabank raised shares of Shopify from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $165.00 to $200.00 in a research report on Thursday, January 8th. BNP Paribas Exane initiated coverage on shares of Shopify in a report on Monday, November 24th. They issued a “neutral” rating on the stock. Wells Fargo & Company restated an “overweight” rating and set a $198.00 target price (up from $125.00) on shares of Shopify in a research report on Wednesday, December 17th. Finally, CIBC reiterated an “outperform” rating on shares of Shopify in a research report on Wednesday, November 5th.

Shopify Trading Down 0.6%

Shopify stock opened at $137.64 on Friday. Shopify has a 12 month low of $69.84 and a 12 month high of $182.19. The company has a market capitalization of $179.19 billion, a price-to-earnings ratio of 101.96, a price-to-earnings-growth ratio of 4.09 and a beta of 2.83. The business’s fifty day simple moving average is $159.16 and its two-hundred day simple moving average is $150.10.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. On average, equities research analysts predict that Shopify will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Shopify

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Shopify by 1.2% in the third quarter. Vanguard Group Inc. now owns 49,926,824 shares of the software maker’s stock worth $7,417,517,000 after buying an additional 610,129 shares in the last quarter. Jennison Associates LLC increased its holdings in Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after acquiring an additional 7,403,821 shares in the last quarter. Norges Bank bought a new stake in Shopify during the 2nd quarter worth approximately $1,794,952,000. Loomis Sayles & Co. L P lifted its holdings in Shopify by 1.3% during the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock valued at $1,686,738,000 after purchasing an additional 191,824 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Shopify by 19.9% in the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after purchasing an additional 1,781,530 shares during the period. 69.27% of the stock is owned by institutional investors.

About Shopify

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.