Shopify Inc. (NYSE:SHOP) Receives Average Recommendation of “Moderate Buy” from Analysts

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) has received a consensus rating of “Moderate Buy” from the forty analysts that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, fourteen have given a hold recommendation, twenty-four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $100.31.

A number of research firms have recently weighed in on SHOP. DZ Bank downgraded Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. JMP Securities reiterated a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a research note on Thursday, December 12th. Wedbush upgraded 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 note on Monday, January 6th. Moffett Nathanson lifted their price objective on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, Scotiabank increased their target price 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.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. grew its holdings in shares of Shopify by 78.7% in the 2nd quarter. Victory Capital Management Inc. now owns 147,285 shares of the software maker’s stock worth $9,728,000 after purchasing an additional 64,856 shares during the last quarter. Private Advisor Group LLC raised its stake in shares of Shopify by 105.6% in the second quarter. Private Advisor Group LLC now owns 56,976 shares of the software maker’s stock valued at $3,763,000 after acquiring an additional 29,261 shares during the last quarter. Savant Capital LLC boosted 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 acquiring an additional 4,692 shares in the last quarter. Asset Dedication LLC grew its position in Shopify by 33.2% during the 2nd quarter. Asset Dedication LLC now owns 2,408 shares of the software maker’s stock worth $159,000 after acquiring an additional 600 shares during the last quarter. Finally, Acadian Asset Management LLC increased its holdings in Shopify by 90.9% during the 2nd quarter. Acadian Asset Management LLC now owns 56,463 shares of the software maker’s stock valued at $3,727,000 after purchasing an additional 26,885 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

Shares of NYSE:SHOP opened at $103.91 on Wednesday. The firm has a market cap of $134.26 billion, a price-to-earnings ratio of 97.11, a P/E/G 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 company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The business has a fifty day simple moving average of $107.35 and a 200 day simple moving average of $84.54.

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.