Shopify (NYSE:SHOP) Price Target Cut to $80.00 by Analysts at Deutsche Bank Aktiengesellschaft

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target cut by analysts at Deutsche Bank Aktiengesellschaft from $95.00 to $80.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Deutsche Bank Aktiengesellschaft’s target price indicates a potential upside of 28.00% from the stock’s previous close.

SHOP has been the subject of several other research reports. Wedbush reissued a “neutral” rating and set a $68.00 price objective on shares of Shopify in a report on Tuesday, February 13th. Roth Capital raised their price objective on Shopify from $85.00 to $89.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. StockNews.com raised Shopify from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. Scotiabank increased their price target on Shopify from $70.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, May 2nd. Finally, Citigroup raised shares of Shopify from a “neutral” rating to a “buy” rating and upped their price target for the company from $93.00 to $105.00 in a research report on Monday, April 29th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, Shopify presently has an average rating of “Hold” and a consensus target price of $77.89.

Shopify Price Performance

Shares of SHOP stock traded down $0.23 on Thursday, reaching $62.50. The company had a trading volume of 11,317,277 shares, compared to its average volume of 9,850,029. Shopify has a one year low of $45.50 and a one year high of $91.57. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $80.41 billion, a PE ratio of 692.44 and a beta of 2.20. The business’s 50-day moving average is $74.74 and its 200 day moving average is $73.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.22 by $0.04. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. Equities research analysts forecast that Shopify will post 0.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisor Partners II LLC increased its position in Shopify by 11.2% in the third quarter. Advisor Partners II LLC now owns 21,260 shares of the software maker’s stock worth $1,160,000 after buying an additional 2,136 shares during the period. Portside Wealth Group LLC increased its position in Shopify by 15.4% in the 3rd quarter. Portside Wealth Group LLC now owns 9,283 shares of the software maker’s stock valued at $507,000 after acquiring an additional 1,240 shares during the period. Financial Advocates Investment Management raised its stake in Shopify by 2.9% during the 3rd quarter. Financial Advocates Investment Management now owns 47,076 shares of the software maker’s stock valued at $2,569,000 after acquiring an additional 1,316 shares in the last quarter. Assetmark Inc. grew its stake in shares of Shopify by 16.0% in the third quarter. Assetmark Inc. now owns 40,636 shares of the software maker’s stock worth $2,218,000 after purchasing an additional 5,611 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Shopify by 68,983.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 186,526 shares of the software maker’s stock valued at $10,179,000 after purchasing an additional 186,256 shares during the period. 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.