Shopify (NYSE:SHOP) Rating Increased to Outperform at Wedbush

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by equities research analysts at Wedbush from a “neutral” rating to an “outperform” rating in a report released on Monday,Briefing.com Automated Import reports. The firm presently has a $125.00 price target on the software maker’s stock, up from their previous price target of $115.00. Wedbush’s target price indicates a potential upside of 14.42% from the stock’s current price.

SHOP has been the subject of several other research reports. Barclays upped their target price on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Piper Sandler lifted their price target on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. Oppenheimer raised their price target on Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Moffett Nathanson boosted their price objective on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $99.88.

Shopify Stock Up 1.6 %

Shares of NYSE:SHOP opened at $109.25 on Monday. The business’s 50 day simple moving average is $104.50 and its two-hundred day simple moving average is $83.01. Shopify has a 52-week low of $48.56 and a 52-week high of $120.72. 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 firm has a market cap of $141.16 billion, a P/E ratio of 102.10, a PEG ratio of 2.98 and a beta of 2.46.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently bought and sold shares of the business. Sunbelt Securities Inc. raised its stake in Shopify by 0.7% during the third quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock valued at $1,162,000 after buying an additional 105 shares during the last quarter. Moser Wealth Advisors LLC boosted its stake in Shopify by 1.4% in the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock worth $755,000 after purchasing an additional 128 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in Shopify by 7.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock valued at $159,000 after purchasing an additional 129 shares in the last quarter. Rosenberg Matthew Hamilton raised its holdings in Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the last quarter. Finally, CVA Family Office LLC boosted its stake in Shopify by 11.8% during the 3rd quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock valued at $109,000 after purchasing an additional 143 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

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.