Equities researchers at New Street Research began coverage on shares of Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP in a report issued on Friday, Marketbeat Ratings reports. The firm set a "neutral" rating and a $115.00 price target on the software maker's stock. New Street Research's price target suggests a potential upside of 10.67% from the company's previous close.
Other equities research analysts have also issued reports about the company. Oppenheimer upped their price target on Shopify from $90.00 to $130.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $70.00 price objective on shares of Shopify in a research report on Monday, October 7th. Redburn Atlantic upgraded Shopify from a "neutral" rating to a "buy" rating and set a $99.00 price objective for the company in a research report on Tuesday, September 17th. Citigroup increased their price objective on Shopify from $90.00 to $103.00 and gave the stock a "buy" rating in a research report on Monday, September 30th. Finally, Scotiabank increased their price objective on Shopify from $75.00 to $80.00 and gave the stock a "sector perform" rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $100.31.
Check Out Our Latest Stock Analysis on SHOP
Shopify Price Performance
Shares of SHOP stock traded down $3.73 during trading hours on Friday, reaching $103.91. The company had a trading volume of 8,964,123 shares, compared to its average volume of 5,795,767. 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 of $107.35 and a 200-day moving average of $84.27. The company has a market capitalization of $134.26 billion, a price-to-earnings ratio of 97.11, a PEG ratio of 2.98 and a beta of 2.46. Shopify has a 12-month low of $48.56 and a 12-month high of $120.72.
Hedge Funds Weigh In On Shopify
A number of hedge funds and other institutional investors have recently made changes to their positions in SHOP. Baillie Gifford & Co. boosted its holdings in Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker's stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares in the last quarter. FMR LLC boosted its holdings in Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker's stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. Legal & General Group Plc boosted its holdings in Shopify by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker's stock valued at $544,017,000 after purchasing an additional 145,618 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Shopify by 6.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker's stock valued at $658,248,000 after purchasing an additional 484,561 shares in the last quarter. Finally, National Bank of Canada FI boosted its holdings in Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker's stock valued at $593,588,000 after purchasing an additional 1,621,981 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.
About Shopify
(
Get Free Report)
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.
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