Shopify Inc. (NYSE:SHOP) Receives $99.03 Average Price Target from Brokerages

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have earned an average recommendation of “Moderate Buy” from the forty brokerages that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $99.03.

Several research firms recently commented on SHOP. The Goldman Sachs Group upped their target price on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. 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. KeyCorp upped their price target on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Robert W. Baird boosted their price objective on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Swiss National Bank lifted its stake in shares of Shopify by 0.9% during the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after acquiring an additional 33,300 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after purchasing an additional 77,500 shares during the period. Oppenheimer & Co. Inc. boosted its stake in shares of Shopify by 26.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after purchasing an additional 7,027 shares during the last quarter. Nations Financial Group Inc. IA ADV grew its position in shares of Shopify by 4.6% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock worth $381,000 after buying an additional 209 shares during the period. Finally, Wahed Invest LLC raised its stake in shares of Shopify by 18.4% during the third quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock worth $4,618,000 after buying an additional 8,960 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 8.2 %

Shares of SHOP stock opened at $109.70 on Friday. Shopify has a 12 month low of $48.56 and a 12 month high of $120.72. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm has a market cap of $141.74 billion, a PE ratio of 102.52, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. The stock has a 50 day moving average of $98.11 and a 200-day moving average of $79.11.

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.