The Goldman Sachs Group Has Lowered Expectations for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lowered by stock analysts at The Goldman Sachs Group from $150.00 to $130.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 42.86% from the company’s previous close.

A number of other equities research analysts have also weighed in on SHOP. Evercore ISI boosted their target price on shares of Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Royal Bank of Canada reduced their price objective on Shopify from $145.00 to $125.00 and set an “outperform” rating for the company in a research report on Thursday, April 17th. Wedbush reissued an “outperform” rating and issued a $110.00 target price on shares of Shopify in a research report on Tuesday, April 15th. Truist Financial boosted their price target on Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. Finally, New Street Research began coverage on shares of Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $119.66.

Shopify Price Performance

Shopify stock opened at $91.00 on Tuesday. Shopify has a one year low of $48.56 and a one year high of $129.38. The business’s fifty day moving average is $98.10 and its 200 day moving average is $101.59. The stock has a market capitalization of $117.83 billion, a PE ratio of 58.71, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Allianz SE bought a new position in Shopify during the fourth quarter valued at approximately $27,000. PFG Private Wealth Management LLC raised its holdings in shares of Shopify by 3,657.1% during the 4th 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 position in shares of Shopify during the 4th quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC grew its holdings in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after purchasing an additional 100 shares in the last quarter. Finally, New Wave Wealth Advisors LLC bought a new stake in Shopify in the fourth quarter worth $39,000. Hedge funds and other institutional investors 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.