Shopify Inc. (NYSE:SHOP) Receives $99.88 Average Target Price from Analysts

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) has earned a consensus recommendation of “Moderate Buy” from the forty analysts that are covering the firm, Marketbeat.com reports. 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 given a strong buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $100.31.

A number of equities research analysts have commented on SHOP shares. Moffett Nathanson increased their price objective on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Citigroup increased their price target on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Truist Financial upped their target price on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Scotiabank raised their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th.

Institutional Investors Weigh In On Shopify

Several institutional investors and hedge funds have recently made changes to their positions in SHOP. Oliver Lagore Vanvalin Investment Group grew its stake in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares during the period. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify during the second quarter valued at approximately $33,000. Brooklyn Investment Group acquired a new position in shares of Shopify during the third quarter worth approximately $33,000. Rosenberg Matthew Hamilton increased its stake in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares in the last quarter. Finally, Truvestments Capital LLC acquired a new position in Shopify during the third quarter worth $45,000. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of Shopify stock opened at $103.91 on Wednesday. The firm has a market cap of $134.26 billion, a P/E ratio of 97.11, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. The firm’s 50-day simple moving average is $107.35 and its 200-day simple moving average is $84.27. Shopify has a twelve month low of $48.56 and a twelve month 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.

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.