Brokerages Set Shopify Inc. (NYSE:SHOP) PT at $99.88

Shares of Shopify Inc. (NYSE:SHOPGet Free Report) (TSE:SHOP) have been given a consensus recommendation of “Moderate Buy” by the forty ratings firms that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $100.31.

SHOP has been the subject of several research analyst reports. Royal Bank of Canada raised their target price on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Barclays lifted their price objective on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and upped their price objective for the company from $110.00 to $140.00 in a report on Friday, December 6th. Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, The Goldman Sachs Group increased their price objective on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th.

Read Our Latest Report on SHOP

Institutional Investors Weigh In On Shopify

Hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. boosted its position in shares of Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares during the last quarter. FMR LLC boosted its holdings in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Shopify by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock valued at $544,017,000 after buying an additional 145,618 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Shopify by 6.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after buying an additional 484,561 shares during the last quarter. Finally, National Bank of Canada FI raised its position in shares of Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after buying an additional 1,621,981 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

SHOP stock opened at $103.91 on Wednesday. The business has a 50 day moving average of $107.35 and a 200-day moving average of $84.27. The company has a quick ratio of 7.10, a current 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 firm has a market cap of $134.26 billion, a PE ratio of 97.11, a P/E/G ratio of 2.98 and a beta of 2.46.

About Shopify

(Get Free Report

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.

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Analyst Recommendations for Shopify (NYSE:SHOP)

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