Shopify Inc. (NYSE:SHOP) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have been assigned an average rating of “Moderate Buy” from the thirty-nine research firms that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, thirteen have assigned a hold recommendation, twenty-four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $99.88.

A number of brokerages have recently issued reports on SHOP. Scotiabank lifted their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. Oppenheimer raised their target price on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Moffett Nathanson upped their price target on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Citigroup raised their price objective on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Finally, Loop Capital raised Shopify from a “hold” rating to a “buy” rating and upped their target price for the company from $110.00 to $140.00 in a research report on Friday, December 6th.

Hedge Funds Weigh In On Shopify

Several institutional investors and hedge funds have recently bought and sold shares of SHOP. Oliver Lagore Vanvalin Investment Group raised 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 buying an additional 200 shares during the period. Hazlett Burt & Watson Inc. purchased a new position in Shopify in the second quarter valued at $33,000. Brooklyn Investment Group purchased a new stake in Shopify during the 3rd quarter worth about $33,000. Rosenberg Matthew Hamilton boosted its position in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares in the last quarter. Finally, Truvestments Capital LLC purchased a new position in shares of Shopify in the 3rd quarter valued at about $45,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

SHOP opened at $106.84 on Wednesday. The firm has a market capitalization of $138.05 billion, a PE ratio of 99.85, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The business’s 50-day moving average is $105.71 and its two-hundred day moving average is $83.66. Shopify has a 1 year low of $48.56 and a 1 year high of $120.72.

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.