Investment analysts at Wedbush started coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research note issued to investors on Thursday, September 13th, MarketBeat.com reports. The brokerage set an “outperform” rating and a $177.00 price target on the software maker’s stock. Wedbush’s price target suggests a potential upside of 21.57% from the stock’s current price.

Several other research analysts have also weighed in on SHOP. KeyCorp restated an “overweight” rating and set a $182.00 price objective (up from $170.00) on shares of Shopify in a research note on Tuesday, June 19th. Piper Jaffray Companies lowered shares of Shopify from an “overweight” rating to a “neutral” rating and set a $145.00 price objective on the stock. in a research note on Tuesday, July 31st. Robert W. Baird boosted their price objective on shares of Shopify from $150.00 to $165.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 31st. Zacks Investment Research raised shares of Shopify from a “hold” rating to a “buy” rating and set a $177.00 target price for the company in a report on Tuesday, July 10th. Finally, Roth Capital cut their price objective on shares of Shopify from $192.00 to $180.00 and set a “buy” rating for the company in a report on Wednesday, August 1st. Eight investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $164.53.

SHOP traded down $3.31 during trading on Thursday, hitting $145.60. The company had a trading volume of 1,691,265 shares, compared to its average volume of 1,639,544. The stock has a market capitalization of $17.49 billion, a P/E ratio of -346.67 and a beta of 1.15. Shopify has a one year low of $89.35 and a one year high of $176.60. The company has a current ratio of 12.89, a quick ratio of 12.89 and a debt-to-equity ratio of 0.01.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, July 31st. The software maker reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.30. The firm had revenue of $245.00 million for the quarter, compared to analyst estimates of $234.72 million. Shopify had a negative net margin of 6.12% and a negative return on equity of 3.77%. The company’s revenue was up 61.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.01) EPS. On average, equities research analysts predict that Shopify will post -0.76 EPS for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in SHOP. WCM Investment Management CA increased its position in Shopify by 105,403.1% in the 2nd quarter. WCM Investment Management CA now owns 5,802,669 shares of the software maker’s stock valued at $846,551,000 after acquiring an additional 5,797,169 shares during the period. Baillie Gifford & Co. increased its position in Shopify by 21.4% in the 2nd quarter. Baillie Gifford & Co. now owns 1,682,123 shares of the software maker’s stock valued at $245,405,000 after acquiring an additional 296,872 shares during the period. Carmignac Gestion increased its position in Shopify by 243.1% in the 1st quarter. Carmignac Gestion now owns 1,453,311 shares of the software maker’s stock valued at $181,068,000 after acquiring an additional 1,029,750 shares during the period. Franklin Resources Inc. increased its position in Shopify by 31.7% in the 1st quarter. Franklin Resources Inc. now owns 1,182,140 shares of the software maker’s stock valued at $147,281,000 after acquiring an additional 284,800 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Shopify by 23.3% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,091,315 shares of the software maker’s stock valued at $159,045,000 after acquiring an additional 206,325 shares during the period. Institutional investors and hedge funds own 60.74% of the company’s stock.

About Shopify

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, 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.

Read More: What is a Fiduciary?

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.