Royal Bank of Canada Reiterates Outperform Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “outperform” rating reaffirmed by research analysts at Royal Bank of Canada in a report released on Wednesday,Benzinga reports. They currently have a $130.00 price target on the software maker’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 22.46% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Atb Cap Markets downgraded Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Scotiabank upped their target price on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, October 24th. Wedbush raised shares of Shopify from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $115.00 to $125.00 in a research report on Monday, January 6th. The Goldman Sachs Group boosted their price objective on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, KeyCorp lifted their target price on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $100.31.

Shopify Trading Down 0.2 %

Shopify stock opened at $106.16 on Wednesday. The company has a 50 day moving average price of $109.44 and a 200 day moving average price of $86.51. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. Shopify has a 52 week low of $48.56 and a 52 week high of $120.72. The firm has a market capitalization of $137.17 billion, a price-to-earnings ratio of 99.21, a P/E/G ratio of 2.23 and a beta of 2.46.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. New Wave Wealth Advisors LLC acquired a new stake in Shopify during the fourth quarter worth about $39,000. Oliver Lagore Vanvalin Investment Group grew its holdings in shares of Shopify by 100.0% during the 2nd 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 in the last quarter. Brooklyn Investment Group bought a new stake in shares of Shopify during the third quarter valued at approximately $33,000. Rosenberg Matthew Hamilton raised 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 purchasing an additional 133 shares in the last quarter. Finally, Synergy Asset Management LLC bought a new position in Shopify in the fourth quarter worth $55,000. Institutional investors own 69.27% of the company’s stock.

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.