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

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP has been assigned an average recommendation of "Moderate Buy" from the thirty-nine research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, thirteen have assigned a hold recommendation, twenty-four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $99.88.

A number of research firms recently issued reports on SHOP. Royal Bank of Canada boosted their price objective on Shopify from $100.00 to $130.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. Redburn Atlantic upgraded shares of Shopify from a "neutral" rating to a "buy" rating and set a $99.00 price target for the company in a report on Tuesday, September 17th. Cantor Fitzgerald restated a "neutral" rating and set a $70.00 target price on shares of Shopify in a report on Monday, October 7th. KeyCorp upped their price objective on Shopify from $80.00 to $130.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group boosted their target price on shares of Shopify from $80.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Sunbelt Securities Inc. boosted its stake in shares of Shopify by 0.7% in the third quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker's stock worth $1,162,000 after acquiring an additional 105 shares during the last quarter. Moser Wealth Advisors LLC boosted its stake in Shopify by 1.4% during the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker's stock worth $755,000 after purchasing an additional 128 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of Shopify by 7.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker's stock worth $159,000 after buying an additional 129 shares in the last quarter. Rosenberg Matthew Hamilton raised its position in shares of 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 buying an additional 133 shares during the last quarter. Finally, CVA Family Office LLC lifted its stake in shares of Shopify by 11.8% in the third quarter. CVA Family Office LLC now owns 1,354 shares of the software maker's stock worth $109,000 after buying an additional 143 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Up 0.9 %

SHOP traded up $0.96 during trading on Wednesday, reaching $107.74. The company had a trading volume of 5,183,146 shares, compared to its average volume of 5,161,610. Shopify has a 52 week low of $48.56 and a 52 week high of $120.72. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The business has a 50 day simple moving average of $105.71 and a 200-day simple moving average of $83.66. The stock has a market cap of $139.21 billion, a P/E ratio of 100.69, a PEG ratio of 2.98 and a beta of 2.46.

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.