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

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have been assigned an average rating of “Moderate Buy” from the forty analysts that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, fourteen have issued a hold recommendation, twenty-four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $100.31.

Several research analysts recently weighed in on the stock. Oppenheimer boosted their price objective on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Truist Financial lifted their price objective on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Royal Bank of Canada raised their target price on shares of Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. New Street Research assumed coverage on shares of Shopify in a research note on Friday. They set a “neutral” rating and a $115.00 price target for the company. Finally, Scotiabank lifted their target price 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.

Shopify Trading Down 3.5 %

Shares of NYSE SHOP opened at $103.91 on Wednesday. Shopify has a 1-year low of $48.56 and a 1-year high of $120.72. The company has a 50-day moving average of $107.35 and a two-hundred day moving average of $84.54. The company has a market cap of $134.26 billion, a PE ratio of 97.11, a P/E/G ratio of 2.98 and a beta of 2.46. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. increased its position in shares of Shopify by 14.7% during 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 increased its holdings in Shopify by 16.1% during the third 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 during the last quarter. Mackenzie Financial Corp lifted its stake in Shopify by 49.9% in the second 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 last quarter. Clearbridge Investments LLC grew its position in shares of Shopify by 54.2% in 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 during the period. Finally, National Bank of Canada FI increased its stake in shares of 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 purchasing an additional 1,621,981 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

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.