JMP Securities Reaffirms Market Outperform Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP's stock had its "market outperform" rating reaffirmed by investment analysts at JMP Securities in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $120.00 price target on the software maker's stock. JMP Securities' target price points to a potential upside of 1.38% from the company's current price.

Several other equities analysts also recently commented on the stock. Piper Sandler upped their price target on shares of Shopify from $67.00 to $94.00 and gave the company a "neutral" rating in a report on Wednesday, November 13th. Loop Capital upgraded Shopify from a "hold" rating to a "buy" rating and increased their price target for the stock from $110.00 to $140.00 in a report on Friday. Evercore raised their price target on Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Redburn Atlantic raised Shopify from a "neutral" rating to a "buy" rating and set a $99.00 price objective on the stock in a research report on Tuesday, September 17th. Finally, UBS Group increased their target price on Shopify from $71.00 to $75.00 and gave the stock a "neutral" rating in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $98.08.

Shopify Trading Up 3.8 %

NYSE SHOP traded up $4.28 on Friday, hitting $118.37. 10,136,356 shares of the stock were exchanged, compared to its average volume of 11,923,693. Shopify has a 52-week low of $48.56 and a 52-week high of $120.72. The firm has a market capitalization of $152.95 billion, a P/E ratio of 110.63, a P/E/G ratio of 2.97 and a beta of 2.46. 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 stock has a fifty day moving average price of $91.80 and a two-hundred day moving average price of $75.37.

Hedge Funds Weigh In On Shopify

Several hedge funds have recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group lifted its stake in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock valued at $26,000 after acquiring an additional 200 shares during the period. Brooklyn Investment Group acquired a new position in Shopify during the third quarter valued at $33,000. Rosenberg Matthew Hamilton boosted its holdings in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock valued at $36,000 after purchasing an additional 133 shares during the last quarter. Cultivar Capital Inc. acquired a new stake in Shopify during the 2nd quarter worth about $33,000. Finally, Hazlett Burt & Watson Inc. purchased a new position in shares of Shopify during the 2nd quarter valued at about $33,000. 69.27% of the stock is 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.