Wells Fargo & Company Trims Shopify (NYSE:SHOP) Target Price to $40.00

Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) had its target price cut by investment analysts at Wells Fargo & Company from $55.00 to $40.00 in a research note issued on Monday, The Fly reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 16.38% from the company’s previous close.

Several other research analysts have also weighed in on SHOP. JMP Securities initiated coverage on Shopify in a research report on Tuesday, July 5th. They set a “market perform” rating on the stock. Stifel Nicolaus decreased their target price on Shopify from $65.00 to $55.00 in a report on Friday, July 15th. Robert W. Baird decreased their target price on Shopify from $100.00 to $63.00 in a report on Friday, May 6th. TD Securities decreased their target price on Shopify from $84.00 to $50.00 and set a “hold” rating on the stock in a report on Friday, May 6th. Finally, Oppenheimer decreased their target price on Shopify to $50.00 and set an “outperform” rating on the stock in a report on Thursday, July 7th. Two equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $85.07.

Shopify Stock Up 5.6 %

NYSE:SHOP opened at $34.37 on Monday. The firm has a market capitalization of $43.27 billion, a price-to-earnings ratio of 274.96 and a beta of 1.84. Shopify has a twelve month low of $29.72 and a twelve month high of $176.29. The stock’s 50 day moving average price is $40.92 and its two-hundred day moving average price is $61.96. The company has a quick ratio of 11.84, a current ratio of 11.84 and a debt-to-equity ratio of 0.12.

Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last posted its quarterly earnings results on Thursday, May 5th. The software maker reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.24 billion. Shopify had a return on equity of 1.94% and a net margin of 3.77%. The firm’s revenue for the quarter was up 21.7% compared to the same quarter last year. During the same period last year, the firm earned $0.13 EPS. Equities research analysts expect that Shopify will post -0.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SHOP. Barton Investment Management boosted its holdings in Shopify by 876.9% in the second quarter. Barton Investment Management now owns 2,181,850 shares of the software maker’s stock worth $68,161,000 after acquiring an additional 1,958,500 shares in the last quarter. Loomis Sayles & Co. L P lifted its holdings in shares of Shopify by 86,911.9% in the first quarter. Loomis Sayles & Co. L P now owns 1,238,179 shares of the software maker’s stock valued at $836,959,000 after purchasing an additional 1,236,756 shares in the last quarter. Norges Bank bought a new position in shares of Shopify in the fourth quarter valued at approximately $1,578,341,000. Capital Research Global Investors lifted its holdings in shares of Shopify by 43.0% in the first quarter. Capital Research Global Investors now owns 3,012,007 shares of the software maker’s stock valued at $2,036,179,000 after purchasing an additional 906,250 shares in the last quarter. Finally, Sands Capital Management LLC lifted its holdings in shares of Shopify by 51.7% in the first quarter. Sands Capital Management LLC now owns 2,127,581 shares of the software maker’s stock valued at $1,438,160,000 after purchasing an additional 724,767 shares in the last quarter. Institutional investors own 62.60% of the company’s stock.

Shopify Company Profile

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Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, 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.