Royal Bank Of Canada Increases Shopify (NASDAQ:SHOP) Price Target to $200.00

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its target price lifted by research analysts at Royal Bank Of Canada from $170.00 to $200.00 in a note issued to investors on Friday, Marketbeat Ratings reports. The firm presently has an “outperform” rating on the software maker’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 26.77% from the company’s current price.

Several other equities analysts have also weighed in on the company. Arete reaffirmed a “neutral” rating on shares of Shopify in a research note on Wednesday, July 23rd. UBS Group lifted their price objective on Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Stifel Nicolaus lifted their price objective on Shopify from $110.00 to $150.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Scotiabank reaffirmed a “sector perform” rating and issued a $150.00 price objective (up from $115.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, Truist Financial lifted their price objective on Shopify from $95.00 to $150.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $152.76.

Shopify Price Performance

SHOP opened at $157.76 on Friday. The stock has a market capitalization of $205.03 billion, a price-to-earnings ratio of 88.13, a price-to-earnings-growth ratio of 7.39 and a beta of 2.72. The business has a 50-day moving average of $148.00 and a two-hundred day moving average of $121.13. Shopify has a 12 month low of $69.84 and a 12 month high of $169.69.

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

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Heartwood Wealth Advisors LLC purchased a new stake in Shopify during the 3rd quarter worth approximately $27,000. Family Legacy Financial Solutions LLC purchased a new stake in Shopify during the 2nd quarter worth approximately $25,000. Rothschild Investment LLC increased its holdings in Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after purchasing an additional 75 shares during the last quarter. Financial Gravity Companies Inc. purchased a new stake in Shopify during the 2nd quarter worth approximately $27,000. Finally, Tradewinds Capital Management LLC increased its holdings in Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after purchasing an additional 100 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

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.