Shopify (NYSE:SHOP) Given New $70.00 Price Target at Barclays

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective lifted by Barclays from $65.00 to $70.00 in a report released on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the software maker’s stock.

SHOP has been the topic of several other reports. Benchmark reaffirmed a hold rating on shares of Shopify in a report on Tuesday, August 6th. Roth Mkm upped their price target on shares of Shopify from $77.00 to $79.00 and gave the company a buy rating in a research note on Thursday, August 8th. KeyCorp assumed coverage on shares of Shopify in a research note on Thursday, July 25th. They issued an overweight rating and a $80.00 price objective for the company. Loop Capital increased their target price on Shopify from $68.00 to $80.00 and gave the stock a hold rating in a research report on Friday, August 16th. Finally, Cantor Fitzgerald reiterated a neutral rating and issued a $70.00 price target on shares of Shopify in a research report on Monday. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $78.38.

Shopify Stock Down 2.1 %

Shopify stock opened at $78.47 on Tuesday. The firm has a 50 day moving average price of $70.57 and a 200-day moving average price of $68.49. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a market capitalization of $101.12 billion, a P/E ratio of -461.59, a P/E/G ratio of 2.65 and a beta of 2.35.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. Shopify’s revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.08) earnings per share. As a group, equities analysts predict that Shopify will post 0.76 EPS for the current year.

Hedge Funds Weigh In On Shopify

A number of large investors have recently bought and sold shares of SHOP. Anchor Investment Management LLC grew its holdings in shares of Shopify by 31.5% in the second quarter. Anchor Investment Management LLC now owns 865 shares of the software maker’s stock worth $57,000 after purchasing an additional 207 shares during the last quarter. Lazari Capital Management Inc. grew its holdings in Shopify by 2.8% in the 2nd quarter. Lazari Capital Management Inc. now owns 6,447 shares of the software maker’s stock worth $426,000 after acquiring an additional 177 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Shopify in the second quarter valued at about $9,664,000. Souders Financial Advisors increased its position in shares of Shopify by 3.3% in the second quarter. Souders Financial Advisors now owns 11,522 shares of the software maker’s stock valued at $761,000 after acquiring an additional 370 shares during the period. Finally, Clearbridge Investments LLC raised its stake in shares of Shopify by 54.2% during the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after acquiring an additional 1,657,251 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.