Loop Capital Upgrades Shopify (NYSE:SHOP) to Buy

Loop Capital upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a hold rating to a buy rating in a research report released on Friday, Marketbeat reports. The brokerage currently has $140.00 target price on the software maker’s stock, up from their previous target price of $110.00.

SHOP has been the topic of several other reports. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 target price on shares of Shopify in a research report on Monday, October 7th. Robert W. Baird upped their price target on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Wells Fargo & Company lifted their price objective on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. JMP Securities boosted their target price on Shopify from $80.00 to $120.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. Finally, Evercore ISI raised their price target on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $98.08.

Shopify Price Performance

Shopify stock opened at $118.37 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. Shopify has a one year low of $48.56 and a one year high of $120.72. The company has a market cap of $152.95 billion, a P/E ratio of 110.63, a price-to-earnings-growth ratio of 2.97 and a beta of 2.46. The business has a fifty day moving average of $92.58 and a two-hundred day moving average of $76.03.

Institutional Trading of Shopify

Hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. grew its position in Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. FMR LLC grew its holdings in Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after buying an additional 5,869,795 shares in the last quarter. Mackenzie Financial Corp increased its position in Shopify by 49.9% in the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after acquiring an additional 2,102,939 shares during the period. Clearbridge Investments LLC raised its stake in Shopify by 54.2% during the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after acquiring an additional 1,657,251 shares in the last quarter. Finally, National Bank of Canada FI boosted its position in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after acquiring an additional 1,621,981 shares during the period. 69.27% of the stock is currently owned by 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.