Canaccord Genuity Boosts Shopify (NYSE:SHOP) Price Target to $1,000.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target upped by Canaccord Genuity from $700.00 to $1,000.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. Canaccord Genuity currently has a hold rating on the software maker’s stock.

SHOP has been the subject of several other reports. Royal Bank of Canada boosted their target price on shares of Shopify from $1,000.00 to $1,250.00 and gave the company an outperform rating in a research report on Thursday. Robert W. Baird reissued an outperform rating and set a $820.00 target price on shares of Shopify in a report on Thursday, July 2nd. Credit Suisse Group boosted their target price on shares of Shopify from $700.00 to $850.00 and gave the stock a neutral rating in a report on Thursday, July 23rd. Citigroup upped their price objective on shares of Shopify from $998.00 to $1,200.00 and gave the company a neutral rating in a research note on Thursday. Finally, Bank of America reaffirmed a sell rating and issued a $900.00 price objective on shares of Shopify in a research note on Wednesday. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and eleven have given a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $927.71.

Shares of NYSE SHOP traded down $24.84 during mid-day trading on Thursday, reaching $1,024.00. 2,335,705 shares of the company were exchanged, compared to its average volume of 2,893,114. Shopify has a twelve month low of $282.08 and a twelve month high of $1,107.92. The company’s 50-day simple moving average is $935.14 and its 200-day simple moving average is $641.42. The stock has a market capitalization of $120.08 billion, a P/E ratio of -1,678.66 and a beta of 1.61.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, July 29th. The software maker reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.01 by $1.04. Shopify had a negative net margin of 3.25% and a positive return on equity of 0.32%. The business had revenue of $714.34 million during the quarter, compared to analysts’ expectations of $511.56 million. During the same quarter in the previous year, the company earned $0.10 EPS. The business’s revenue was up 97.3% on a year-over-year basis. As a group, analysts expect that Shopify will post -1.56 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of SHOP. Morgan Stanley grew its stake in shares of Shopify by 24.4% during the 1st quarter. Morgan Stanley now owns 5,356,363 shares of the software maker’s stock valued at $2,233,229,000 after acquiring an additional 1,050,841 shares during the period. Capital World Investors raised its holdings in shares of Shopify by 69.1% during the 1st quarter. Capital World Investors now owns 4,875,199 shares of the software maker’s stock worth $2,032,670,000 after acquiring an additional 1,991,970 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Shopify by 46.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 762,684 shares of the software maker’s stock valued at $315,940,000 after buying an additional 241,716 shares during the period. Advisor Group Holdings Inc. purchased a new stake in Shopify in the first quarter worth $26,635,000. Finally, Discovery Value Fund increased its stake in Shopify by 200.3% in the first quarter. Discovery Value Fund now owns 698,301 shares of the software maker’s stock worth $291,143,000 after purchasing an additional 465,789 shares during the period. 60.17% of the stock is owned by hedge funds and other institutional investors.

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.

Further Reading: Strike Price

Analyst Recommendations for Shopify (NYSE:SHOP)

Receive News & Ratings for Shopify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify and related companies with MarketBeat.com's FREE daily email newsletter.