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

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have received an average recommendation of “Moderate Buy” from the forty-one analysts that are currently covering the company, Marketbeat.com reports. One investment 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 given a strong buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $94.95.

Several research firms have recently weighed in on SHOP. Benchmark restated a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. Mizuho upped their target price on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Royal Bank of Canada lifted their price target on shares of Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Robert W. Baird increased their price objective on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Citigroup lifted their target price 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.

Shopify Price Performance

Shares of NYSE SHOP opened at $106.53 on Tuesday. The firm has a market cap of $137.47 billion, a P/E ratio of 99.56, a PEG ratio of 3.09 and a beta of 2.36. Shopify has a twelve month low of $48.56 and a twelve month high of $115.62. 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 company has a 50 day moving average of $84.81 and a 200 day moving average of $71.95.

Institutional Trading of Shopify

Several hedge funds have recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group lifted its holdings in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new position in shares of Shopify in the 2nd quarter worth approximately $33,000. Hazlett Burt & Watson Inc. bought a new position in shares of Shopify during the 2nd quarter valued at approximately $33,000. Brooklyn Investment Group purchased a new stake in Shopify during the 3rd quarter valued at $33,000. Finally, Rosenberg Matthew Hamilton lifted its position in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.