Brokerages Set Shopify Inc. (NASDAQ:SHOP) Price Target at $151.95

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) have been assigned an average recommendation of “Hold” from the forty-six brokerages that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, twenty-three have assigned a hold recommendation and twenty-two have issued a buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $151.9459.

A number of analysts recently issued reports on the stock. Scotiabank reissued a “sector perform” rating and set a $150.00 price target (up from $115.00) on shares of Shopify in a report on Thursday, August 7th. Zacks Research upgraded shares of Shopify to a “hold” rating in a research report on Tuesday, August 12th. Arete Research raised shares of Shopify to a “hold” rating in a report on Wednesday, July 23rd. Cantor Fitzgerald set a $156.00 price objective on shares of Shopify and gave the company a “neutral” rating in a report on Wednesday, August 27th. Finally, Stifel Nicolaus upped their price objective on shares of Shopify from $110.00 to $150.00 and gave the company a “hold” rating in a report on Thursday, August 7th.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $151.02 on Friday. The company’s fifty day moving average price is $146.61 and its 200 day moving average price is $119.28. Shopify has a 1 year low of $69.84 and a 1 year high of $169.69. The company has a market capitalization of $196.27 billion, a PE ratio of 84.37, a price-to-earnings-growth ratio of 7.07 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the prior year, the firm posted $0.26 earnings per share. The firm’s quarterly revenue was up 31.1% compared to the same quarter last year. On average, equities analysts expect that Shopify will post 1.12 EPS for the current year.

Institutional Investors Weigh In On Shopify

A number of hedge funds have recently modified their holdings of the company. Heartwood Wealth Advisors LLC purchased a new position in Shopify during the third quarter worth about $27,000. Family Legacy Financial Solutions LLC purchased a new position in Shopify during the second quarter worth about $25,000. Rothschild Investment LLC boosted its stake in Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after buying an additional 75 shares during the period. Financial Gravity Companies Inc. purchased a new position in Shopify during the second quarter worth about $27,000. Finally, Tradewinds Capital Management LLC boosted its stake in Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after buying an additional 100 shares during the period. Hedge funds and other 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.