Shopify (NYSE:SHOP) Hits New 12-Month High - Time to Buy?

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP hit a new 52-week high during trading on Monday . The stock traded as high as $91.90 and last traded at $90.60, with a volume of 2025051 shares trading hands. The stock had previously closed at $87.12.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Robert W. Baird increased their price target on Shopify from $79.00 to $90.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 9th. Scotiabank boosted their price target on Shopify from $75.00 to $80.00 and gave the company a "sector perform" rating in a report on Thursday, October 24th. Wedbush reissued a "neutral" rating and issued a $72.00 price target (up from $68.00) on shares of Shopify in a report on Wednesday, August 7th. JMP Securities reissued a "market outperform" rating and issued a $80.00 price target on shares of Shopify in a report on Tuesday, September 10th. Finally, Wolfe Research began coverage on Shopify in a report on Tuesday, July 16th. They issued an "outperform" rating and a $80.00 price target for the company. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $81.03.

Shopify Stock Up 3.3 %

The business has a 50-day moving average of $78.41 and a 200-day moving average of $69.79. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The stock has a market capitalization of $116.12 billion, a price-to-earnings ratio of 88.90, a P/E/G ratio of 2.91 and a beta of 2.36.

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently modified their holdings of the business. Oliver Lagore Vanvalin Investment Group increased its position in shares of Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock worth $26,000 after purchasing an additional 200 shares during the last quarter. Rosenberg Matthew Hamilton grew its position in Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock valued at $36,000 after acquiring an additional 133 shares in the last quarter. Cultivar Capital Inc. acquired a new position in Shopify in the 2nd quarter valued at about $33,000. Hazlett Burt & Watson Inc. acquired a new position in Shopify in the 2nd quarter valued at about $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in Shopify in the 2nd quarter valued at about $39,000. 69.27% of the stock is owned by institutional investors and hedge funds.

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.