Shopify (NYSE:SHOP) Research Coverage Started at New Street Research

New Street Research initiated coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research report report published on Friday morning, Marketbeat.com reports. The firm issued a neutral rating and a $115.00 price objective on the software maker’s stock.

SHOP has been the subject of several other reports. Wedbush upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $115.00 to $125.00 in a research report on Monday, January 6th. Canaccord Genuity Group raised their price objective on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. Mizuho increased their target price on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Finally, Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and increased their target price for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $100.31.

Shopify Price Performance

Shares of NYSE SHOP opened at $103.91 on Friday. The firm has a 50-day simple moving average of $107.35 and a 200-day simple moving average of $84.54. The stock has a market capitalization of $134.26 billion, a price-to-earnings ratio of 97.11, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify has a 52 week low of $48.56 and a 52 week high of $120.72.

Hedge Funds Weigh In On Shopify

A number of institutional investors and hedge funds have recently made changes to their positions in SHOP. Victory Capital Management Inc. grew its stake in shares of Shopify by 78.7% during 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 period. Acadian Asset Management LLC grew its stake in shares of Shopify by 90.9% during the 2nd quarter. Acadian Asset Management LLC now owns 56,463 shares of the software maker’s stock worth $3,727,000 after purchasing an additional 26,885 shares during the period. American Century Companies Inc. grew its stake in Shopify by 61.1% in the 2nd quarter. American Century Companies Inc. now owns 1,444,714 shares of the software maker’s stock valued at $95,439,000 after acquiring an additional 547,700 shares during the last quarter. Achmea Investment Management B.V. grew its stake in Shopify by 10.1% in the 2nd quarter. Achmea Investment Management B.V. now owns 85,169 shares of the software maker’s stock valued at $5,628,000 after acquiring an additional 7,789 shares during the last quarter. Finally, BOKF NA grew its stake in Shopify by 36.2% in the 2nd quarter. BOKF NA now owns 7,794 shares of the software maker’s stock valued at $515,000 after acquiring an additional 2,072 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

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.