Shopify Inc. (NYSE:SHOP) Receives $94.95 Average PT from Brokerages

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have received a consensus recommendation of “Moderate Buy” from the forty-one analysts that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $94.95.

Several research firms recently weighed in on SHOP. Royal Bank of Canada raised their price objective on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. Citigroup upped their price objective on shares of Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Robert W. Baird boosted their target price on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Truist Financial increased their price target on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently added to or reduced their stakes in SHOP. Synovus Financial Corp bought a new position in Shopify during the 3rd quarter valued at $481,000. Wilmington Savings Fund Society FSB bought a new position in shares of Shopify during the third quarter valued at about $615,000. World Investment Advisors LLC boosted its holdings in Shopify by 113.4% during the third quarter. World Investment Advisors LLC now owns 12,751 shares of the software maker’s stock worth $1,022,000 after purchasing an additional 6,776 shares during the last quarter. Sanctuary Advisors LLC grew its position in Shopify by 11.6% in the 3rd quarter. Sanctuary Advisors LLC now owns 151,227 shares of the software maker’s stock worth $12,119,000 after purchasing an additional 15,740 shares in the last quarter. Finally, TCW Group Inc. increased its stake in Shopify by 0.9% in the 3rd quarter. TCW Group Inc. now owns 1,308,745 shares of the software maker’s stock valued at $104,883,000 after buying an additional 11,903 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Up 3.8 %

Shares of SHOP opened at $111.03 on Tuesday. The firm has a 50 day simple moving average of $86.25 and a two-hundred day simple moving average of $72.53. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify has a one year low of $48.56 and a one year high of $115.62. The company has a market cap of $143.27 billion, a P/E ratio of 103.77, a P/E/G ratio of 2.81 and a beta of 2.36.

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.