Shopify (NYSE:SHOP) Hits New 52-Week High – Here’s What Happened

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) hit a new 52-week high on Thursday . The stock traded as high as $122.81 and last traded at $121.08, with a volume of 443140 shares changing hands. The stock had previously closed at $121.73.

Analyst Ratings Changes

A number of brokerages have issued reports on SHOP. Barclays raised their target price on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. 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 report on Wednesday, November 13th. Scotiabank upped their target price on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Royal Bank of Canada reissued an “outperform” rating and set a $130.00 price target on shares of Shopify in a research report on Wednesday, January 22nd. Finally, Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $100.32.

Shopify Trading Down 0.9 %

The firm’s fifty day simple moving average is $110.75 and its 200 day simple moving average is $89.95. 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 market capitalization of $155.84 billion, a P/E ratio of 112.80, a price-to-earnings-growth ratio of 2.46 and a beta of 2.47.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Brooklyn Investment Group acquired a new position in shares of Shopify in the 3rd quarter worth approximately $33,000. Rosenberg Matthew Hamilton raised its holdings 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 during the last quarter. New Wave Wealth Advisors LLC bought a new stake in shares of Shopify during the fourth quarter worth about $39,000. Mather Group LLC. raised its holdings in shares of Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after acquiring an additional 184 shares during the last quarter. Finally, Truvestments Capital LLC acquired a new position in Shopify during the 3rd quarter valued at about $45,000. 69.27% of the stock is currently owned by 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.