Shopify (NYSE:SHOP) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by The Goldman Sachs Group from $88.00 to $135.00 in a report published on Wednesday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the software maker’s stock.

Several other equities analysts also recently weighed in on SHOP. Robert W. Baird raised their target price on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday. Bank of America raised Shopify from a “neutral” rating to a “buy” rating and lifted their target price for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 price objective on shares of Shopify in a research report on Monday, October 7th. JMP Securities lifted their price objective on shares of Shopify from $80.00 to $120.00 and gave the stock a “market outperform” rating in a research report on Wednesday. Finally, Wells Fargo & Company increased their price objective on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Trading Down 0.5 %

Shares of SHOP stock opened at $108.49 on Wednesday. Shopify has a twelve month low of $48.56 and a twelve month high of $115.62. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average is $81.97 and its two-hundred day moving average is $71.02. The company has a market capitalization of $139.99 billion, a P/E ratio of 101.39, a price-to-earnings-growth ratio of 3.45 and a beta of 2.36.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently bought and sold shares of the company. Oliver Lagore Vanvalin Investment Group grew its holdings in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the period. Cultivar Capital Inc. bought a new position in Shopify in the second quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of Shopify in the 2nd quarter valued at approximately $33,000. Brooklyn Investment Group acquired a new stake in shares of Shopify during the 3rd quarter valued at $33,000. Finally, Rosenberg Matthew Hamilton raised its stake in shares of Shopify by 41.3% during 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 during the last quarter. Institutional investors and hedge funds 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.