Shopify (NYSE:SHOP) Price Target Raised to $120.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price boosted by Wells Fargo & Company from $90.00 to $120.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

Several other brokerages have also issued reports on SHOP. Morgan Stanley boosted their target price on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. UBS Group upped their price objective on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Canaccord Genuity Group increased their target price on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday. Royal Bank of Canada boosted their price target on shares of Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Evercore raised their price objective on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Trading Down 0.5 %

NYSE:SHOP opened at $108.49 on Wednesday. Shopify has a 12 month low of $48.56 and a 12 month high of $115.62. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm’s 50 day moving average is $81.97 and its 200 day moving average is $71.02. The stock has a market capitalization of $139.99 billion, a PE ratio of 101.38, a price-to-earnings-growth ratio of 3.71 and a beta of 2.36.

Hedge Funds Weigh In On Shopify

Institutional investors have recently modified their holdings of the company. Empowered Funds LLC raised its position in Shopify by 15.4% in the 1st quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock worth $981,000 after purchasing an additional 1,694 shares during the period. Bleakley Financial Group LLC increased its holdings in shares of Shopify by 51.4% in the first quarter. Bleakley Financial Group LLC now owns 16,315 shares of the software maker’s stock worth $1,259,000 after buying an additional 5,537 shares during the period. TBH Global Asset Management LLC lifted its stake in shares of Shopify by 43.0% in the 1st quarter. TBH Global Asset Management LLC now owns 5,649 shares of the software maker’s stock valued at $436,000 after acquiring an additional 1,700 shares during the last quarter. Kingsview Wealth Management LLC boosted its holdings in Shopify by 1.4% during the 1st quarter. Kingsview Wealth Management LLC now owns 26,369 shares of the software maker’s stock valued at $2,035,000 after acquiring an additional 365 shares during the period. Finally, Midwest Professional Planners LTD. grew its position in Shopify by 31.7% during the 1st quarter. Midwest Professional Planners LTD. now owns 4,842 shares of the software maker’s stock worth $374,000 after acquiring an additional 1,166 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Company Profile

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.