Shopify (NASDAQ:SHOP) Price Target Raised to $156.00 at TD Securities

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price objective boosted by TD Securities from $130.00 to $156.00 in a report released on Friday, Marketbeat reports. They currently have a hold rating on the software maker’s stock.

SHOP has been the topic of several other reports. Phillip Securities lowered shares of Shopify from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, August 12th. Loop Capital downgraded Shopify from a “buy” rating to a “hold” rating and set a $120.00 target price on the stock. in a research report on Tuesday, July 22nd. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 6th. Wedbush raised their price objective on Shopify from $115.00 to $160.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Finally, KeyCorp reissued an “overweight” rating and set a $175.00 price objective (up previously from $145.00) on shares of Shopify in a report on Thursday, August 7th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Shopify has an average rating of “Hold” and an average price target of $150.59.

Shopify Stock Up 6.5%

Shares of NASDAQ SHOP opened at $161.14 on Friday. The business’s 50 day moving average is $142.78 and its two-hundred day moving average is $117.13. The company has a market cap of $209.43 billion, a P/E ratio of 90.02, a P/E/G ratio of 7.17 and a beta of 2.72. Shopify has a 12 month low of $69.84 and a 12 month high of $162.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the prior year, the business earned $0.26 earnings per share. Shopify’s revenue for the quarter was up 31.1% compared to the same quarter last year. Sell-side analysts expect that Shopify will post 1.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Shopify in the 2nd quarter worth about $1,794,952,000. Nuveen LLC acquired a new position in Shopify in the first quarter valued at about $667,392,000. Jennison Associates LLC grew its stake in Shopify by 118.1% during the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after buying an additional 6,238,829 shares during the last quarter. Brown Advisory Inc. increased its holdings in shares of Shopify by 5,193.6% during the second quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after buying an additional 2,027,839 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Shopify by 19.9% in the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after acquiring an additional 1,781,530 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

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.