Robert W. Baird Issues Positive Forecast for Shopify (NASDAQ:SHOP) Stock Price

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its target price upped by Robert W. Baird from $160.00 to $170.00 in a report released on Tuesday morning,BayStreet.CA reports. Robert W. Baird currently has an outperform rating on the software maker’s stock.

SHOP has been the topic of several other research reports. Barclays raised their price objective on Shopify from $94.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 7th. Needham & Company LLC assumed coverage on Shopify in a research note on Monday, July 14th. They set a “buy” rating and a $135.00 target price on the stock. Truist Financial lifted their target price on Shopify from $95.00 to $150.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. KeyCorp reissued an “overweight” rating and set a $175.00 target price (up previously from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, Arete Research raised Shopify to a “hold” rating in a research note on Wednesday, July 23rd. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Shopify currently has a consensus rating of “Hold” and an average target price of $151.95.

Shopify Stock Down 2.0%

NASDAQ SHOP opened at $161.28 on Tuesday. The stock’s 50-day moving average price is $144.26 and its 200-day moving average price is $118.06. Shopify has a 52 week low of $69.84 and a 52 week high of $169.69. The company has a market capitalization of $209.61 billion, a P/E ratio of 90.10, a price-to-earnings-growth ratio of 7.70 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping 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 firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter last year, the company earned $0.26 earnings per share. The business’s revenue for the quarter was up 31.1% compared to the same quarter last year. Research analysts anticipate that Shopify will post 1.12 EPS for the current year.

Institutional Trading of Shopify

Large investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Shopify by 171.3% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock worth $48,827,000 after purchasing an additional 267,271 shares during the period. Worth Asset Management LLC purchased a new position in shares of Shopify in the 2nd quarter worth approximately $236,000. Avior Wealth Management LLC boosted its holdings in shares of Shopify by 32.6% in the 2nd quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock worth $1,570,000 after purchasing an additional 3,347 shares during the period. 111 Capital purchased a new position in shares of Shopify in the 2nd quarter worth approximately $1,719,000. Finally, Integrity Alliance LLC. purchased a new position in shares of Shopify in the 1st quarter worth approximately $211,000. Institutional investors 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.