Wedbush Upgrades Shopify (NYSE:SHOP) to “Outperform”

Wedbush upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a neutral rating to an outperform rating in a report issued on Monday, Marketbeat Ratings reports. Wedbush currently has $125.00 target price on the software maker’s stock, up from their previous target price of $115.00.

Other research analysts have also recently issued reports about the stock. DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Moffett Nathanson upped their price objective on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Oppenheimer lifted their target price on Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and increased their price target for the company from $110.00 to $140.00 in a report on Friday, December 6th. Finally, Scotiabank upped their target price on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $99.88.

Shopify Price Performance

Shares of NYSE SHOP opened at $114.19 on Monday. The company has a market capitalization of $147.54 billion, a price-to-earnings ratio of 106.72, a PEG ratio of 2.98 and a beta of 2.46. Shopify has a 1-year low of $48.56 and a 1-year high of $120.72. The business has a 50-day moving average of $105.18 and a 200-day moving average of $83.37. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

Institutional Trading of Shopify

A number of institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. grew its holdings in Shopify by 78.7% during the second quarter. Victory Capital Management Inc. now owns 147,285 shares of the software maker’s stock worth $9,728,000 after acquiring an additional 64,856 shares during the period. Private Advisor Group LLC grew its stake in shares of Shopify by 105.6% in the 2nd quarter. Private Advisor Group LLC now owns 56,976 shares of the software maker’s stock worth $3,763,000 after purchasing an additional 29,261 shares during the last quarter. Savant Capital LLC raised its holdings in shares of Shopify by 44.5% in the 2nd quarter. Savant Capital LLC now owns 15,234 shares of the software maker’s stock worth $1,006,000 after purchasing an additional 4,692 shares in the last quarter. Asset Dedication LLC lifted its stake in Shopify by 33.2% during the second quarter. Asset Dedication LLC now owns 2,408 shares of the software maker’s stock valued at $159,000 after purchasing an additional 600 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in Shopify by 90.9% during the second quarter. Acadian Asset Management LLC now owns 56,463 shares of the software maker’s stock worth $3,727,000 after buying an additional 26,885 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

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.