Shopify (NYSE:SHOP) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target increased by Morgan Stanley from $106.00 to $112.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the software maker’s stock. Morgan Stanley’s target price indicates a potential upside of 22.04% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. BMO Capital Markets initiated coverage on shares of Shopify in a report on Tuesday, May 6th. They issued an “outperform” rating and a $120.00 price objective for the company. Evercore ISI increased their price objective on Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Truist Financial reduced their target price on Shopify from $120.00 to $100.00 and set a “hold” rating for the company in a report on Tuesday, May 6th. JPMorgan Chase & Co. increased their price target on Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Benchmark dropped their price target on shares of Shopify from $150.00 to $125.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.37.

Shopify Trading Down 2.4 %

Shares of NYSE:SHOP opened at $91.77 on Friday. The business has a fifty day simple moving average of $93.29 and a 200 day simple moving average of $102.89. Shopify has a 1 year low of $48.56 and a 1 year high of $129.38. The firm has a market cap of $118.83 billion, a price-to-earnings ratio of 59.21, a P/E/G ratio of 4.82 and a beta of 2.66.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS 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%. On average, sell-side analysts forecast that Shopify will post 1.12 EPS for the current year.

Institutional Investors Weigh In On Shopify

Several institutional investors and hedge funds have recently made changes to their positions in SHOP. Allianz SE acquired a new position in Shopify in the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC boosted its holdings 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 worth $28,000 after acquiring an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new stake in Shopify during the 4th quarter valued at $30,000. Mark Sheptoff Financial Planning LLC raised its position in Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. Finally, Smithfield Trust Co raised its position in Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after purchasing an additional 188 shares during the last quarter. Institutional investors and hedge funds 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.