Shopify (NYSE:SHOP) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective hoisted by JPMorgan Chase & Co. from $121.00 to $124.00 in a report issued on Wednesday, MarketBeat reports. JPMorgan Chase & Co. currently has an overweight rating on the software maker’s stock.

Several other brokerages have also recently commented on SHOP. Evercore ISI boosted their price target on Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday. The Goldman Sachs Group increased their price target on shares of Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. JMP Securities reaffirmed a “market outperform” rating and issued a $120.00 price objective on shares of Shopify in a research note on Thursday, December 12th. Piper Sandler increased their target price on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Wells Fargo & Company boosted their price target on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $126.21.

Shopify Stock Up 0.6 %

SHOP stock opened at $128.36 on Wednesday. The company has a 50 day moving average of $111.70 and a two-hundred day moving average of $92.27. The company has a market cap of $165.85 billion, a price-to-earnings ratio of 119.96, a PEG ratio of 2.49 and a beta of 2.47. Shopify has a 12-month low of $48.56 and a 12-month high of $128.57. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. On average, equities analysts anticipate that Shopify will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Large investors have recently bought and sold shares of the business. Blue Rock Wealth Management LLC bought a new stake in shares of Shopify during the 4th quarter valued at $659,000. Mercer Global Advisors Inc. ADV increased its holdings in Shopify by 2.9% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 49,442 shares of the software maker’s stock valued at $5,257,000 after purchasing an additional 1,372 shares during the last quarter. Keel Point LLC lifted its stake in Shopify by 14.2% in the fourth quarter. Keel Point LLC now owns 3,020 shares of the software maker’s stock valued at $321,000 after buying an additional 375 shares during the period. Davidson Kahn Capital Management LLC bought a new position in Shopify during the fourth quarter worth about $223,000. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Shopify by 3.0% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,606,525 shares of the software maker’s stock valued at $170,889,000 after acquiring an additional 46,604 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.