Shopify (NYSE:SHOP) Given New $130.00 Price Target at Royal Bank of Canada

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price hoisted by Royal Bank of Canada from $100.00 to $130.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the software maker’s stock.

Other research analysts have also recently issued research reports about the stock. Roth Mkm lifted their target price on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Canaccord Genuity Group raised their price objective on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $78.00 to $82.00 in a research report on Tuesday, July 16th. Piper Sandler upped their price objective on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Argus upgraded shares of Shopify to a “strong-buy” rating in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Price Performance

Shares of SHOP stock opened at $108.49 on Wednesday. Shopify has a 12 month low of $48.56 and a 12 month high of $115.62. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock has a 50 day moving average of $81.97 and a two-hundred day moving average of $71.02. The company has a market capitalization of $139.99 billion, a P/E ratio of 101.39, a P/E/G ratio of 3.45 and a beta of 2.36.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group grew its position in shares of Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares during the period. Brooklyn Investment Group purchased a new position in Shopify during the third quarter worth about $33,000. Rosenberg Matthew Hamilton lifted its holdings in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the last quarter. Cultivar Capital Inc. acquired a new position in shares of Shopify in the 2nd quarter valued at $33,000. Finally, Hazlett Burt & Watson Inc. purchased a new position in Shopify during the second quarter worth about $33,000. 69.27% of the stock is currently owned by hedge funds and other 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.