Shopify (NYSE:SHOP) Now Covered by Analysts at New Street Research

New Street Research initiated coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research note issued to investors on Friday, MarketBeat reports. The firm set a “neutral” rating and a $115.00 price target on the software maker’s stock. New Street Research’s price objective would suggest a potential upside of 10.67% from the stock’s previous close.

Several other research analysts also recently commented on SHOP. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. JMP Securities reiterated a “market outperform” rating and set a $120.00 target price on shares of Shopify in a research note on Thursday, December 12th. Barclays raised their price target on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 price objective on shares of Shopify in a report on Monday, October 7th. Finally, Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and increased their target price for the company from $110.00 to $140.00 in a research note on Friday, December 6th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $100.31.

Shopify Trading Down 3.5 %

Shopify stock opened at $103.91 on Friday. Shopify has a 52 week low of $48.56 and a 52 week high of $120.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The firm has a market capitalization of $134.26 billion, a PE ratio of 97.11, a PEG ratio of 2.98 and a beta of 2.46. The business’s 50-day simple moving average is $107.35 and its 200-day simple moving average is $84.41.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its position in shares of Shopify by 78.7% during the second quarter. Victory Capital Management Inc. now owns 147,285 shares of the software maker’s stock worth $9,728,000 after purchasing an additional 64,856 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in Shopify by 90.9% during the 2nd quarter. Acadian Asset Management LLC now owns 56,463 shares of the software maker’s stock worth $3,727,000 after buying an additional 26,885 shares in the last quarter. American Century Companies Inc. lifted its holdings in Shopify by 61.1% during the 2nd quarter. American Century Companies Inc. now owns 1,444,714 shares of the software maker’s stock worth $95,439,000 after buying an additional 547,700 shares in the last quarter. Achmea Investment Management B.V. boosted its position in Shopify by 10.1% in the 2nd quarter. Achmea Investment Management B.V. now owns 85,169 shares of the software maker’s stock valued at $5,628,000 after buying an additional 7,789 shares during the last quarter. Finally, BOKF NA increased its stake in shares of Shopify by 36.2% in the 2nd quarter. BOKF NA now owns 7,794 shares of the software maker’s stock valued at $515,000 after buying an additional 2,072 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.