Shopify (NYSE:SHOP) Price Target Cut to $80.00 by Analysts at Loop Capital

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target cut by Loop Capital from $90.00 to $80.00 in a research note issued to investors on Monday morning, Benzinga reports. They currently have a hold rating on the software maker’s stock.

SHOP has been the topic of a number of other reports. Piper Sandler reaffirmed an underweight rating and issued a $63.00 price target on shares of Shopify in a research note on Thursday, April 11th. The Goldman Sachs Group upped their price target on shares of Shopify from $67.00 to $75.00 and gave the stock a neutral rating in a research note on Thursday, February 29th. Truist Financial increased their target price on shares of Shopify from $65.00 to $90.00 and gave the stock a hold rating in a research report on Monday, February 12th. National Bankshares increased their target price on shares of Shopify from $80.00 to $100.00 and gave the stock an outperform rating in a research report on Friday, January 26th. Finally, BNP Paribas downgraded shares of Shopify from a neutral rating to an underperform rating in a research report on Thursday, January 18th. Three equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $78.00.

Shopify Price Performance

Shares of NYSE:SHOP opened at $68.55 on Monday. The company’s fifty day moving average is $77.71 and its two-hundred day moving average is $71.66. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. Shopify has a 12-month low of $45.50 and a 12-month high of $91.57. The company has a market cap of $88.19 billion, a P/E ratio of 761.67 and a beta of 2.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. Equities analysts expect that Shopify will post 0.57 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. increased its holdings in shares of Shopify by 2.3% during the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after buying an additional 1,419,749 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Shopify by 3.0% during the fourth quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock worth $3,284,910,000 after buying an additional 1,242,067 shares in the last quarter. Capital World Investors increased its holdings in shares of Shopify by 28.7% during the fourth quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after buying an additional 8,789,411 shares in the last quarter. Capital International Investors increased its holdings in shares of Shopify by 9.7% during the fourth quarter. Capital International Investors now owns 15,849,638 shares of the software maker’s stock worth $1,235,534,000 after buying an additional 1,399,562 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Shopify during the fourth quarter worth approximately $1,049,089,000. 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.