Shopify (NYSE:SHOP) Given a $145.00 Price Target at Royal Bank of Canada

Shopify (NYSE:SHOP) (TSE:SHOP) has been assigned a $145.00 price target by Royal Bank of Canada in a research note issued on Friday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 39.03% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the stock. Moffett Nathanson lifted their price target on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and boosted their price objective for the company from $110.00 to $140.00 in a research report on Friday, December 6th. UBS Group boosted their price objective on shares of Shopify from $110.00 to $125.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. boosted their price objective on shares of Shopify from $121.00 to $124.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Finally, Barclays boosted their price objective on shares of Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Up 2.4 %

Shares of NYSE SHOP opened at $104.29 on Friday. The company’s fifty day moving average is $110.04 and its 200-day moving average is $99.53. The stock has a market cap of $135.04 billion, a price-to-earnings ratio of 67.29, a P/E/G ratio of 4.82 and a beta of 2.60. Shopify has a twelve month low of $48.56 and a twelve month high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, research analysts anticipate that Shopify will post 1.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SHOP. Thrivent Financial for Lutherans increased its stake in shares of Shopify by 100.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 88,409 shares of the software maker’s stock worth $7,086,000 after purchasing an additional 44,345 shares during the last quarter. Pathstone Holdings LLC grew its stake in Shopify by 3.8% in the 3rd quarter. Pathstone Holdings LLC now owns 68,800 shares of the software maker’s stock valued at $5,514,000 after buying an additional 2,487 shares during the last quarter. Prospera Financial Services Inc grew its stake in Shopify by 1.7% in the 3rd quarter. Prospera Financial Services Inc now owns 20,991 shares of the software maker’s stock valued at $1,682,000 after buying an additional 349 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in Shopify in the 3rd quarter valued at about $98,000. Finally, First Horizon Advisors Inc. grew its stake in Shopify by 11.2% in the 3rd quarter. First Horizon Advisors Inc. now owns 6,485 shares of the software maker’s stock valued at $520,000 after buying an additional 654 shares during the last quarter. 69.27% of the stock is currently 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.