Stifel Nicolaus Increases Shopify (NYSE:SHOP) Price Target to $1,600.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lifted by stock analysts at Stifel Nicolaus from $1,400.00 to $1,600.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. Stifel Nicolaus’ price target indicates a potential upside of 1.95% from the stock’s previous close.

A number of other brokerages also recently issued reports on SHOP. Piper Sandler raised their price objective on Shopify from $1,500.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 28th. TheStreet raised Shopify from a “c” rating to a “b-” rating in a research report on Monday, May 3rd. Roth Capital raised Shopify from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $1,325.00 to $1,530.00 in a research report on Thursday, April 29th. raised their price objective on Shopify from $1,315.00 to $1,420.00 and gave the stock a “neutral” rating in a research report on Thursday, April 29th. Finally, Credit Suisse Group raised their price objective on Shopify from $1,350.00 to $1,400.00 and gave the stock a “neutral” rating in a research report on Thursday, April 29th. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $1,480.22.

Shares of SHOP opened at $1,569.36 on Thursday. Shopify has a 52-week low of $839.40 and a 52-week high of $1,587.74. The firm has a market cap of $195.12 billion, a P/E ratio of 122.99, a PEG ratio of 39.97 and a beta of 1.45. The business has a fifty day moving average of $1,351.98. The company has a quick ratio of 17.13, a current ratio of 17.13 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, April 28th. The software maker reported $2.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $1.27. Shopify had a return on equity of 6.52% and a net margin of 46.67%. The business had revenue of $988.70 million during the quarter, compared to the consensus estimate of $851.43 million. During the same period last year, the company earned $0.19 EPS. The company’s revenue for the quarter was up 110.4% on a year-over-year basis. On average, equities analysts expect that Shopify will post 1.53 EPS for the current year.

Large investors have recently added to or reduced their stakes in the company. First Trust Advisors LP boosted its stake in shares of Shopify by 15.6% in the first quarter. First Trust Advisors LP now owns 3,499 shares of the software maker’s stock valued at $723,000 after buying an additional 472 shares in the last quarter. Berman Capital Advisors LLC boosted its position in Shopify by 16.4% during the fourth quarter. Berman Capital Advisors LLC now owns 327 shares of the software maker’s stock worth $368,000 after purchasing an additional 46 shares in the last quarter. First Foundation Advisors purchased a new stake in Shopify during the fourth quarter worth $208,000. Benjamin F. Edwards & Company Inc. boosted its position in Shopify by 35.1% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,009 shares of the software maker’s stock worth $1,142,000 after purchasing an additional 262 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in Shopify by 3.8% during the fourth quarter. Schroder Investment Management Group now owns 7,390 shares of the software maker’s stock worth $9,741,000 after purchasing an additional 271 shares in the last quarter. 58.99% of the stock is currently owned by institutional investors and hedge funds.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, the United Kingdom, Australia, Latin America, and internationally. The company's platform provides merchants to run their business in 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, and access financing.

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