Shopify (NYSE:SHOP) Shares Up 6.8% – Still a Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price rose 6.8% during mid-day trading on Tuesday . The stock traded as high as $112.39 and last traded at $114.72. Approximately 1,703,084 shares traded hands during trading, a decline of 68% from the average daily volume of 5,243,067 shares. The stock had previously closed at $107.38.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SHOP shares. Cantor Fitzgerald reissued a “neutral” rating and set a $70.00 target price on shares of Shopify in a research report on Monday, October 7th. Mizuho boosted their price objective on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Piper Sandler lifted their price target on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group increased their target price on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Wedbush raised Shopify from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $115.00 to $125.00 in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $100.32.

Shopify Stock Up 8.0 %

The company has a market capitalization of $149.91 billion, a price-to-earnings ratio of 108.51, a price-to-earnings-growth ratio of 2.24 and a beta of 2.46. The firm’s 50 day moving average price is $109.40 and its two-hundred day moving average price is $87.52. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Institutional Investors Weigh In On Shopify

A number of large investors have recently added to or reduced their stakes in SHOP. New Wave Wealth Advisors LLC acquired a new stake in Shopify during the 4th quarter worth approximately $39,000. Mather Group LLC. lifted its holdings in shares of Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after buying an additional 184 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of Shopify in the third quarter valued at about $33,000. Rosenberg Matthew Hamilton grew its stake in shares of Shopify by 41.3% in the third 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. Finally, Synergy Asset Management LLC bought a new position in Shopify during the fourth quarter worth about $55,000. Institutional investors own 69.27% of the company’s stock.

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.