Shopify (NYSE:SHOP) Price Target Raised to $370.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective lifted by CSFB from $275.00 to $370.00 in a research note issued to investors on Friday morning, BayStreet.CA reports. They currently have an outperform rating on the software maker’s stock.

SHOP has been the subject of several other reports. Morgan Stanley lowered Shopify from an equal weight rating to an underweight rating and boosted their price objective for the company from $173.00 to $209.00 in a report on Tuesday, May 14th. They noted that the move was a valuation call. Wedbush lowered Shopify from an outperform rating to a neutral rating and boosted their price objective for the company from $270.00 to $305.00 in a report on Tuesday, June 25th. They noted that the move was a valuation call. Rosenblatt Securities reissued a buy rating and issued a $410.00 price objective on shares of Shopify in a report on Friday. Bank of America boosted their price objective on Shopify from $185.00 to $300.00 and gave the company an underperform rating in a report on Friday. Finally, Zacks Investment Research lowered Shopify from a buy rating to a hold rating in a report on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $324.19.

Shares of NYSE SHOP traded down $9.86 during midday trading on Friday, reaching $322.33. 1,196,930 shares of the company’s stock were exchanged, compared to its average volume of 1,937,231. Shopify has a 52-week low of $117.64 and a 52-week high of $350.79. The company has a market capitalization of $37.05 billion, a PE ratio of -528.41 and a beta of 1.30. The company has a debt-to-equity ratio of 0.05, a current ratio of 12.56 and a quick ratio of 12.57. The stock’s fifty day moving average price is $317.96.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.31) by $0.45. The firm had revenue of $361.98 million during the quarter, compared to analyst estimates of $350.59 million. Shopify had a negative return on equity of 3.95% and a negative net margin of 5.98%. Shopify’s quarterly revenue was up 47.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.02 earnings per share. As a group, analysts expect that Shopify will post -0.78 EPS for the current year.

Hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. boosted its position in shares of Shopify by 56.3% during the first quarter. Baillie Gifford & Co. now owns 5,920,039 shares of the software maker’s stock worth $1,223,199,000 after buying an additional 2,132,030 shares during the period. Thoroughbred Financial Services LLC boosted its position in shares of Shopify by 29,316.3% during the second quarter. Thoroughbred Financial Services LLC now owns 1,533,766 shares of the software maker’s stock worth $153,377,000 after buying an additional 1,528,552 shares during the period. Norges Bank acquired a new position in shares of Shopify during the fourth quarter worth approximately $101,062,000. CIBC World Markets Inc. boosted its position in shares of Shopify by 378.5% during the first quarter. CIBC World Markets Inc. now owns 865,184 shares of the software maker’s stock worth $178,764,000 after buying an additional 684,365 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Shopify by 76.2% during the first quarter. The Manufacturers Life Insurance Company now owns 507,158 shares of the software maker’s stock worth $104,789,000 after buying an additional 219,284 shares during the period. Institutional investors own 67.62% of the company’s stock.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Analyst Recommendations for Shopify (NYSE:SHOP)

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