Scotiabank Forecasts Strong Price Appreciation for Shopify (NASDAQ:SHOP) Stock

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its target price hoisted by equities researchers at Scotiabank from $150.00 to $165.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “sector perform” rating on the software maker’s stock. Scotiabank’s price objective indicates a potential upside of 2.36% from the stock’s previous close.

Other equities analysts have also issued reports about the company. UBS Group increased their price objective on Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Stifel Nicolaus set a $175.00 price target on shares of Shopify in a research report on Tuesday. JPMorgan Chase & Co. boosted their price objective on shares of Shopify from $115.00 to $179.00 and gave the stock an “overweight” rating in a report on Thursday, August 7th. Barclays set a $140.00 price objective on shares of Shopify in a research note on Wednesday. Finally, TD Securities lifted their target price on shares of Shopify from $130.00 to $156.00 and gave the stock a “hold” rating in a research report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $161.97.

Shopify Trading Up 0.2%

Shares of NASDAQ:SHOP opened at $161.20 on Wednesday. The company has a 50 day moving average of $154.62 and a 200 day moving average of $129.05. The stock has a market cap of $209.51 billion, a P/E ratio of 90.06, a P/E/G ratio of 8.10 and a beta of 2.73. Shopify has a 12 month low of $69.84 and a 12 month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.03. Shopify had a return on equity of 12.30% and a net margin of 23.42%. Shopify has set its Q4 2025 guidance at EPS. On average, equities analysts forecast that Shopify will post 1.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several hedge funds and other institutional investors have recently modified their holdings of the company. Heartwood Wealth Advisors LLC bought a new stake in shares of Shopify in the third quarter worth about $27,000. Family Legacy Financial Solutions LLC bought a new stake in shares of Shopify in the 2nd quarter worth approximately $25,000. Rothschild Investment LLC grew its position in shares of Shopify by 47.5% in the 2nd 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 last quarter. Financial Gravity Companies Inc. purchased a new position in shares of Shopify during the second quarter valued at approximately $27,000. Finally, Tradewinds Capital Management LLC raised its holdings in shares of Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after acquiring an additional 100 shares in the last quarter. 69.27% of the stock is owned by 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.