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

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP's stock had its "market outperform" rating reiterated by stock analysts at JMP Securities in a research note issued to investors on Thursday,Benzinga reports. They presently have a $120.00 price target on the software maker's stock. JMP Securities' target price indicates a potential upside of 4.04% from the stock's current price.

Several other brokerages have also issued reports on SHOP. Wedbush reaffirmed a "neutral" rating and set a $115.00 price objective (up previously from $72.00) on shares of Shopify in a report on Tuesday, November 12th. Robert W. Baird upped their target price on Shopify from $90.00 to $126.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. Loop Capital raised Shopify from a "hold" rating to a "buy" rating and lifted their price target for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. The Goldman Sachs Group increased their price objective on Shopify from $88.00 to $135.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. Finally, Royal Bank of Canada lifted their target price on shares of Shopify from $100.00 to $130.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and an average price target of $98.08.

Shopify Stock Down 1.7 %

Shares of Shopify stock traded down $2.04 during trading hours on Thursday, hitting $115.34. The company had a trading volume of 6,053,894 shares, compared to its average volume of 9,223,971. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The company's 50-day moving average is $94.75 and its two-hundred day moving average is $77.12. The company has a market cap of $149.02 billion, a P/E ratio of 107.79, a price-to-earnings-growth ratio of 3.08 and a beta of 2.46. Shopify has a twelve month low of $48.56 and a twelve month high of $120.72.

Institutional Trading of Shopify

Several institutional investors and hedge funds have recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Shopify by 22.6% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 32,193 shares of the software maker's stock valued at $2,126,000 after acquiring an additional 5,934 shares during the last quarter. Miracle Mile Advisors LLC boosted its stake in shares of Shopify by 13.0% during the 2nd quarter. Miracle Mile Advisors LLC now owns 3,890 shares of the software maker's stock worth $257,000 after purchasing an additional 446 shares during the last quarter. Blue Trust Inc. raised its position in shares of Shopify by 928.8% in the second quarter. Blue Trust Inc. now owns 2,788 shares of the software maker's stock valued at $184,000 after buying an additional 2,517 shares during the last quarter. Brookstone Capital Management raised its position in shares of Shopify by 26.0% in the second quarter. Brookstone Capital Management now owns 9,632 shares of the software maker's stock valued at $624,000 after buying an additional 1,986 shares during the last quarter. Finally, Objectivity Squared LLC lifted its stake in shares of Shopify by 6.8% during the second quarter. Objectivity Squared LLC now owns 4,699 shares of the software maker's stock valued at $328,000 after buying an additional 300 shares during the period. Hedge funds and other institutional investors 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.