Loop Capital Has Lowered Expectations for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lowered by research analysts at Loop Capital from $150.00 to $120.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. Loop Capital’s target price suggests a potential upside of 45.23% from the company’s previous close.

Several other brokerages have also recently issued reports on SHOP. Wedbush reaffirmed an “outperform” rating on shares of Shopify in a report on Tuesday. The Goldman Sachs Group raised their target price on shares of Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Barclays upped their price target on shares of Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. Oppenheimer lifted their price objective on shares of Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Finally, Piper Sandler increased their price target on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. One research 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $121.94.

Shopify Stock Down 1.5 %

Shares of NYSE SHOP traded down $1.28 on Wednesday, reaching $82.63. 5,227,360 shares of the company’s stock traded hands, compared to its average volume of 9,205,219. The company has a market cap of $106.99 billion, a price-to-earnings ratio of 53.31, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82. The business’s 50 day simple moving average is $102.66 and its two-hundred day simple moving average is $101.52. Shopify has a 12 month low of $48.56 and a 12 month high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Analysts forecast that Shopify will post 1.12 earnings per share for the current fiscal year.

Institutional Trading of Shopify

A number of institutional investors have recently made changes to their positions in the business. NorthCrest Asset Manangement LLC boosted its holdings in Shopify by 5.0% in the first quarter. NorthCrest Asset Manangement LLC now owns 97,230 shares of the software maker’s stock worth $9,284,000 after acquiring an additional 4,597 shares in the last quarter. Bellecapital International Ltd. boosted its stake in Shopify by 13.9% in the 1st quarter. Bellecapital International Ltd. now owns 72,988 shares of the software maker’s stock worth $6,969,000 after purchasing an additional 8,920 shares in the last quarter. Ferguson Wellman Capital Management Inc. grew its position in Shopify by 38.8% during the 1st quarter. Ferguson Wellman Capital Management Inc. now owns 3,401 shares of the software maker’s stock worth $325,000 after purchasing an additional 951 shares during the last quarter. First United Bank & Trust increased its stake in Shopify by 9.3% during the 1st quarter. First United Bank & Trust now owns 5,015 shares of the software maker’s stock valued at $479,000 after purchasing an additional 425 shares in the last quarter. Finally, Fifth Third Bancorp raised its holdings in shares of Shopify by 336.7% in the first quarter. Fifth Third Bancorp now owns 29,736 shares of the software maker’s stock worth $2,839,000 after buying an additional 22,926 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.