Cantor Fitzgerald Has Lowered Expectations for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target cut by stock analysts at Cantor Fitzgerald from $120.00 to $80.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Cantor Fitzgerald’s price objective suggests a potential downside of 4.36% from the company’s current price.

A number of other research analysts also recently issued reports on the stock. Citigroup boosted their target price on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. UBS Group upped their target price on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Royal Bank of Canada set a $145.00 price target on Shopify and gave the company an “outperform” rating in a research report on Friday, March 21st. New Street Research initiated coverage on Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective on the stock. Finally, DA Davidson dropped their price objective on shares of Shopify from $150.00 to $115.00 and set a “buy” rating on the stock in a research note on Monday. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average price target of $120.94.

Shopify Stock Performance

Shares of SHOP opened at $83.65 on Wednesday. The stock has a 50-day moving average of $101.26 and a two-hundred day moving average of $101.43. The stock has a market cap of $108.31 billion, a P/E ratio of 53.97, a P/E/G ratio of 4.82 and a beta of 2.82. Shopify has a one year low of $48.56 and a one year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly 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 return on equity of 12.00% and a net margin of 22.74%. Analysts predict that Shopify will post 1.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Jennison Associates LLC acquired a new position in Shopify in the fourth quarter valued at $132,323,000. Watts Gwilliam & Co. LLC boosted its position in shares of Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after purchasing an additional 4,641 shares during the period. Synovus Financial Corp purchased a new position in Shopify during the 3rd quarter worth approximately $481,000. Western Financial Corp CA acquired a new position in Shopify during the fourth quarter worth approximately $239,000. Finally, Kessler Investment Group LLC purchased a new stake in Shopify in the fourth quarter valued at approximately $6,105,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.