Royal Bank of Canada Reaffirms Outperform Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “outperform” rating reissued by equities researchers at Royal Bank of Canada in a report issued on Wednesday,Benzinga reports. They presently have a $130.00 price objective on the software maker’s stock. Royal Bank of Canada’s price target points to a potential upside of 21.41% from the company’s previous close.

SHOP has been the subject of several other research reports. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and upped their target price for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. Piper Sandler boosted their price objective on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Oppenheimer upped their price objective on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Citigroup lifted their price target on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Finally, Mizuho raised their target price on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $100.31.

Shopify Price Performance

NYSE SHOP traded up $0.80 during trading hours on Wednesday, reaching $107.08. 1,583,660 shares of the stock traded hands, compared to its average volume of 5,418,038. 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 stock has a 50 day simple moving average of $109.62 and a two-hundred day simple moving average of $86.37. Shopify has a 1 year low of $48.56 and a 1 year high of $120.72. The company has a market cap of $138.36 billion, a price-to-earnings ratio of 100.00, a price-to-earnings-growth ratio of 2.17 and a beta of 2.46.

Institutional Investors Weigh In On Shopify

A number of institutional investors have recently added to or reduced their stakes in SHOP. EverSource Wealth Advisors LLC boosted its position in shares of Shopify by 23.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,020 shares of the software maker’s stock valued at $185,000 after acquiring an additional 581 shares during the last quarter. Evergreen Capital Management LLC lifted its position in shares of Shopify by 12.9% during the second quarter. Evergreen Capital Management LLC now owns 10,508 shares of the software maker’s stock worth $694,000 after purchasing an additional 1,201 shares during the last quarter. Insigneo Advisory Services LLC grew its stake in Shopify by 4.1% in the 2nd quarter. Insigneo Advisory Services LLC now owns 31,937 shares of the software maker’s stock worth $2,109,000 after acquiring an additional 1,245 shares in the last quarter. Fred Alger Management LLC raised its position in Shopify by 274.3% during the 2nd quarter. Fred Alger Management LLC now owns 610,839 shares of the software maker’s stock valued at $40,346,000 after purchasing an additional 447,656 shares in the last quarter. Finally, Caxton Associates LP bought a new position in Shopify during the 2nd quarter worth about $3,963,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.