Scotiabank Lowers Shopify (NYSE:SHOP) Price Target to $75.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target cut by research analysts at Scotiabank from $80.00 to $75.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the software maker’s stock. Scotiabank’s target price suggests a potential upside of 20.10% from the stock’s previous close.

SHOP has been the topic of a number of other research reports. UBS Group lifted their target price on shares of Shopify from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. DA Davidson cut their target price on shares of Shopify from $90.00 to $84.00 and set a “buy” rating on the stock in a report on Thursday. BNP Paribas raised shares of Shopify from an “underperform” rating to an “outperform” rating in a research report on Thursday, May 2nd. Roth Capital upped their price objective on shares of Shopify from $85.00 to $89.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Finally, CIBC cut their target price on Shopify from $100.00 to $85.00 and set an “outperformer” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $76.53.

Shopify Price Performance

NYSE:SHOP traded down $0.28 during midday trading on Thursday, hitting $62.45. The company had a trading volume of 19,262,606 shares, compared to its average volume of 9,935,966. The stock’s fifty day moving average price is $74.74 and its 200-day moving average price is $73.78. Shopify has a 52-week low of $45.50 and a 52-week 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 company has a market capitalization of $80.35 billion, a PE ratio of 694.33 and a beta of 2.20.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data 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 firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. As a group, research analysts expect that Shopify will post 0.59 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wealth Management Partners LLC increased its holdings in shares of Shopify by 0.9% during the 4th quarter. Wealth Management Partners LLC now owns 13,922 shares of the software maker’s stock valued at $1,085,000 after purchasing an additional 126 shares in the last quarter. SJS Investment Consulting Inc. boosted its position in Shopify by 59.1% during the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after purchasing an additional 130 shares in the last quarter. Tradition Wealth Management LLC raised its stake in shares of Shopify by 7.5% during the 4th quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock worth $156,000 after buying an additional 140 shares during the period. Pachira Investments Inc. grew its position in shares of Shopify by 2.1% in the fourth quarter. Pachira Investments Inc. now owns 7,084 shares of the software maker’s stock valued at $552,000 after purchasing an additional 146 shares during the period. Finally, Baldwin Brothers LLC MA boosted its holdings in Shopify by 49.0% in the 4th quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock worth $35,000 after buying an additional 147 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.