Shopify Inc. (NYSE:SHOP) Receives Average Rating of "Moderate Buy" from Brokerages

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP has earned an average recommendation of "Moderate Buy" from the forty-one brokerages that are currently covering the firm, MarketBeat Ratings reports. One investment 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 on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $94.95.

A number of research analysts recently commented on SHOP shares. Piper Sandler increased their price target on Shopify from $67.00 to $94.00 and gave the company a "neutral" rating in a report on Wednesday, November 13th. UBS Group raised their price target on shares of Shopify from $71.00 to $75.00 and gave the stock a "neutral" rating in a research report on Thursday, August 8th. Barclays upped their price target on shares of Shopify from $70.00 to $93.00 and gave the company an "equal weight" rating in a report on Wednesday, November 13th. Wells Fargo & Company raised their price objective on shares of Shopify from $90.00 to $120.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $70.00 price target on shares of Shopify in a research report on Monday, October 7th.

Shopify Trading Down 1.2 %

SHOP traded down $1.30 during trading on Tuesday, hitting $104.58. 9,034,926 shares of the company's stock were exchanged, compared to its average volume of 9,348,713. The stock has a 50 day moving average price of $82.73 and a 200 day moving average price of $71.27. Shopify has a 1 year low of $48.56 and a 1 year high of $115.62. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.10. The firm has a market cap of $134.95 billion, a P/E ratio of 98.97, a price-to-earnings-growth ratio of 3.45 and a beta of 2.36.

Hedge Funds Weigh In On Shopify

Several large investors have recently made changes to their positions in SHOP. TCW Group Inc. lifted its stake in shares of Shopify by 0.9% in the third quarter. TCW Group Inc. now owns 1,308,745 shares of the software maker's stock valued at $104,883,000 after buying an additional 11,903 shares during the period. TD Private Client Wealth LLC acquired a new stake in Shopify during the third quarter worth $1,232,000. Arete Wealth Advisors LLC bought a new stake in Shopify in the 3rd quarter valued at $568,000. Teachers Retirement System of The State of Kentucky raised its stake in shares of Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker's stock valued at $27,409,000 after buying an additional 77,500 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its stake in shares of Shopify by 0.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker's stock valued at $1,162,000 after buying an additional 105 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Company Profile

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.