Shopify (NYSE:SHOP) Price Target Cut to $115.00 by Analysts at DA Davidson

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price decreased by stock analysts at DA Davidson from $150.00 to $115.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. DA Davidson’s price objective suggests a potential upside of 37.18% from the stock’s previous close.

Other analysts have also issued research reports about the company. UBS Group boosted their price target on Shopify from $110.00 to $125.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Morgan Stanley increased their price target on Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Barclays lifted their price objective on Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Finally, New Street Research initiated coverage on shares of Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target for the company. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $124.74.

Shopify Stock Up 0.1 %

SHOP traded up $0.12 during trading hours on Monday, reaching $83.83. 7,417,391 shares of the company’s stock traded hands, compared to its average volume of 10,201,443. The firm has a 50-day moving average price of $104.13 and a 200 day moving average price of $101.62. Shopify has a 52-week low of $48.56 and a 52-week high of $129.38. The firm has a market capitalization of $108.54 billion, a PE ratio of 54.08, a PEG ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Equities analysts predict that Shopify will post 1.12 EPS for the current fiscal year.

Institutional Trading of Shopify

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new position in Shopify in the fourth quarter valued at approximately $1,542,262,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after purchasing an additional 7,316,862 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker’s stock worth $474,187,000 after buying an additional 3,849,796 shares in the last quarter. Marshall Wace LLP grew its position in Shopify by 623.8% during the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker’s stock valued at $198,932,000 after buying an additional 2,228,091 shares during the period. Finally, Durable Capital Partners LP increased its holdings in Shopify by 86.9% in the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker’s stock valued at $420,041,000 after buying an additional 1,836,294 shares in the last quarter. 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.