Shopify (NYSE:SHOP) Raised to "Buy" at Loop Capital

Loop Capital upgraded shares of Shopify (NYSE:SHOP - Free Report) TSE: SHOP from a hold rating to a buy rating in a research note published on Friday, Marketbeat Ratings reports. The brokerage currently has $140.00 price objective on the software maker's stock, up from their prior price objective of $110.00.

Several other analysts also recently issued reports on SHOP. Redburn Atlantic raised shares of Shopify from a "neutral" rating to a "buy" rating and set a $99.00 price objective for the company in a report on Tuesday, September 17th. Moffett Nathanson increased their price target on shares of Shopify from $86.00 to $99.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. Oppenheimer increased their price target on shares of Shopify from $90.00 to $130.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. Atb Cap Markets downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. increased their price target on shares of Shopify from $74.00 to $76.00 and gave the company an "overweight" rating in a report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $98.08.

Shopify Stock Performance

Shares of NYSE SHOP traded up $4.28 during trading hours on Friday, hitting $118.37. 10,136,356 shares of the stock were exchanged, compared to its average volume of 11,923,693. 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's 50 day moving average is $91.80 and its 200 day moving average is $75.37. The firm has a market capitalization of $152.95 billion, a P/E ratio of 110.63, a P/E/G ratio of 2.97 and a beta of 2.46. Shopify has a one year low of $48.56 and a one year high of $120.72.

Hedge Funds Weigh In On Shopify

Several institutional investors and hedge funds have recently modified their holdings of the business. Sunbelt Securities Inc. grew 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 valued at $1,162,000 after acquiring an additional 105 shares in the last quarter. Moser Wealth Advisors LLC grew its stake in Shopify by 1.4% during the third quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker's stock worth $755,000 after buying an additional 128 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its stake in 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 grew its stake in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock worth $36,000 after buying an additional 133 shares in the last quarter. Finally, CVA Family Office LLC grew its stake in Shopify by 11.8% during 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 currently 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.