Shopify (NYSE:SHOP) Given New $130.00 Price Target at Oppenheimer

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective lifted by Oppenheimer from $90.00 to $130.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have an outperform rating on the software maker’s stock.

A number of other research analysts have also recently commented on SHOP. Barclays boosted their price target on Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price on the stock in a report on Tuesday, September 17th. Argus upgraded shares of Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. KeyCorp assumed coverage on shares of Shopify in a research report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price target on the stock. Finally, Piper Sandler restated a “neutral” rating and set a $67.00 target price on shares of Shopify in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $94.95.

Shopify Trading Down 0.8 %

Shopify stock opened at $114.13 on Wednesday. The business has a 50-day simple moving average of $80.36 and a two-hundred day simple moving average of $70.50. Shopify has a 52-week low of $48.56 and a 52-week high of $115.62. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The company has a market cap of $147.27 billion, a P/E ratio of 107.60, a P/E/G ratio of 3.64 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.09. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Shopify had a net margin of 16.84% and a return on equity of 11.94%. 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 made changes to their positions in the business. Oliver Lagore Vanvalin Investment Group lifted its position in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the period. Brooklyn Investment Group purchased a new position in shares of Shopify during the 3rd quarter valued at about $33,000. Rosenberg Matthew Hamilton lifted its holdings in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares during the period. Cultivar Capital Inc. purchased a new stake in shares of Shopify in the second quarter worth about $33,000. Finally, Hazlett Burt & Watson Inc. acquired a new stake in Shopify during the second quarter worth about $33,000. 69.27% of the stock is 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, 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.