Morgan Stanley Has Lowered Expectations for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price dropped by stock analysts at Morgan Stanley from $144.00 to $106.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the software maker’s stock. Morgan Stanley’s price target points to a potential upside of 26.72% from the stock’s current price.

SHOP has been the subject of a number of other research reports. Cantor Fitzgerald dropped their price objective on Shopify from $120.00 to $80.00 and set a “neutral” rating for the company in a research note on Wednesday. Loop Capital decreased their target price on Shopify from $150.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday. CIBC lifted their target price on Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. lifted their price target on Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Finally, Piper Sandler upped their target price on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. One investment 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average target price of $120.94.

Shopify Stock Performance

Shares of SHOP opened at $83.65 on Wednesday. The firm’s 50-day simple moving average is $101.26 and its two-hundred day simple moving average is $101.43. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The stock has a market cap of $108.31 billion, a PE ratio of 53.97, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS 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%. Equities research analysts predict that Shopify will post 1.12 EPS for the current year.

Institutional Investors Weigh In On Shopify

Large investors have recently bought and sold shares of the stock. Allianz SE purchased a new position in Shopify during the fourth quarter worth about $27,000. PFG Private Wealth Management LLC lifted its stake in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after acquiring an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC bought a new stake in shares of Shopify in the fourth quarter worth $30,000. Mark Sheptoff Financial Planning LLC lifted its holdings in Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after buying an additional 100 shares during the last quarter. Finally, New Wave Wealth Advisors LLC bought a new stake in Shopify during the fourth quarter valued at $39,000. 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.