Wedbush Upgrades Shopify (NYSE:SHOP) to Outperform

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by analysts at Wedbush from a “neutral” rating to an “outperform” rating in a note issued to investors on Monday,Briefing.com Automated Import reports. The firm currently has a $125.00 price target on the software maker’s stock, up from their previous price target of $115.00. Wedbush’s price target points to a potential upside of 14.42% from the stock’s current price.

SHOP has been the subject of a number of other research reports. Barclays upped their price objective on Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Piper Sandler raised their price objective on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Wells Fargo & Company upped their target price on shares of Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Scotiabank lifted their price target on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.88.

Shopify Trading Up 1.6 %

Shares of SHOP stock opened at $109.25 on Monday. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify has a 12-month low of $48.56 and a 12-month high of $120.72. The stock has a market capitalization of $141.16 billion, a P/E ratio of 102.10, a P/E/G ratio of 2.98 and a beta of 2.46. The firm’s 50 day moving average is $104.50 and its 200 day moving average is $83.01.

Hedge Funds Weigh In On Shopify

Institutional investors have recently modified their holdings of the stock. Oliver Lagore Vanvalin Investment Group grew its stake in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares in the last quarter. Hazlett Burt & Watson Inc. purchased a new position in shares of Shopify during the second quarter valued at $33,000. Brooklyn Investment Group purchased a new stake in Shopify in the third quarter worth about $33,000. Rosenberg Matthew Hamilton lifted its stake in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the period. Finally, Truvestments Capital LLC bought a new position in Shopify during the 3rd quarter worth about $45,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.