Shopify (NYSE:SHOP) Rating Increased to Outperform at Wedbush

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP was upgraded by equities research analysts at Wedbush from a "neutral" rating to an "outperform" rating in a report released on Monday, MarketBeat Ratings reports. The brokerage presently has a $125.00 price objective on the software maker's stock, up from their previous price objective of $115.00. Wedbush's target price points to a potential upside of 9.47% from the stock's previous close.

Other equities research analysts also recently issued research reports about the company. Royal Bank of Canada increased their target price on Shopify from $100.00 to $130.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. Atb Cap Markets cut shares of Shopify from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, November 12th. Wells Fargo & Company increased their price objective on Shopify from $90.00 to $120.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. KeyCorp boosted their price target on shares of Shopify from $80.00 to $130.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 13th. Finally, Oppenheimer increased their price objective on Shopify from $90.00 to $130.00 and gave the company an "outperform" rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and a consensus price target of $99.88.

Shopify Stock Performance

Shares of NYSE SHOP traded up $4.94 during trading on Monday, reaching $114.19. 7,064,070 shares of the stock traded hands, compared to its average volume of 4,820,960. The stock has a market capitalization of $147.54 billion, a P/E ratio of 106.72, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. Shopify has a 52-week low of $48.56 and a 52-week high of $120.72. 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 has a 50-day moving average of $104.50 and a 200-day moving average of $83.01.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Sunbelt Securities Inc. increased its holdings in Shopify by 0.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker's stock worth $1,162,000 after buying an additional 105 shares in the last quarter. Moser Wealth Advisors LLC grew its stake in shares of Shopify by 1.4% in the third quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker's stock worth $755,000 after acquiring an additional 128 shares during the period. Massmutual Trust Co. FSB ADV raised 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 valued at $159,000 after purchasing an additional 129 shares during the last quarter. Rosenberg Matthew Hamilton lifted its position in Shopify by 41.3% during 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 period. Finally, CVA Family Office LLC boosted its holdings in 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 purchasing an additional 143 shares during the last quarter. 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.