Analysts Set Shopify Inc. (NYSE:SHOP) PT at $94.95

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have earned a consensus rating of “Moderate Buy” from the forty-one brokerages that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $94.95.

Several research firms have recently weighed in on SHOP. Argus raised Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Truist Financial raised their target price on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a report on Thursday. Evercore ISI raised their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Finally, Wells Fargo & Company upped their target price on Shopify from $90.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Swiss National Bank raised its holdings in shares of Shopify by 0.9% in the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after buying an additional 33,300 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in Shopify by 26.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after acquiring an additional 7,027 shares during the last quarter. Nations Financial Group Inc. IA ADV lifted its position in Shopify by 4.6% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock worth $381,000 after acquiring an additional 209 shares during the period. Silvercrest Asset Management Group LLC grew its stake in Shopify by 735.0% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after purchasing an additional 46,589 shares during the last quarter. Finally, Baker Avenue Asset Management LP increased its holdings in shares of Shopify by 10.9% in the third quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock valued at $17,390,000 after purchasing an additional 21,265 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Trading Up 0.5 %

Shares of SHOP opened at $106.96 on Tuesday. The company’s fifty day moving average is $85.50 and its 200 day moving average is $72.12. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $115.62. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The stock has a market capitalization of $138.02 billion, a PE ratio of 99.96, a P/E/G ratio of 2.80 and a beta of 2.36.

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.