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

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have been given a consensus recommendation of “Moderate Buy” by the thirty-nine brokerages that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, fourteen 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 12 month price target among brokers that have updated their coverage on the stock in the last year is $100.32.

SHOP has been the subject of several analyst reports. Mizuho increased their price target 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. Scotiabank raised their target price on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. The Goldman Sachs Group upped their price target on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and increased their price target for the stock from $110.00 to $140.00 in a report on Friday, December 6th. Finally, KeyCorp boosted their price objective on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th.

Shopify Trading Down 2.1 %

Shares of SHOP stock opened at $116.70 on Friday. Shopify has a twelve month low of $48.56 and a twelve month high of $122.00. The stock has a market cap of $150.79 billion, a price-to-earnings ratio of 109.07, a PEG ratio of 2.45 and a beta of 2.46. The company’s 50-day moving average price is $110.36 and its 200-day moving average price is $88.67. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Institutional Investors Weigh In On Shopify

A number of institutional investors and hedge funds have recently bought and sold shares of SHOP. Global Retirement Partners LLC grew its holdings in shares of Shopify by 5.3% during the fourth quarter. Global Retirement Partners LLC now owns 11,219 shares of the software maker’s stock worth $1,193,000 after purchasing an additional 568 shares during the last quarter. Bank of Jackson Hole Trust purchased a new position in Shopify during the 4th quarter worth approximately $687,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its position in Shopify by 105.8% during the fourth quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 5,715 shares of the software maker’s stock worth $608,000 after buying an additional 2,938 shares during the period. Kestra Investment Management LLC purchased a new stake in Shopify in the fourth quarter valued at approximately $64,000. Finally, Venturi Wealth Management LLC boosted its holdings in shares of Shopify by 37.0% in the fourth quarter. Venturi Wealth Management LLC now owns 16,892 shares of the software maker’s stock valued at $1,796,000 after acquiring an additional 4,562 shares during the period. 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.