Shopify (NYSE:SHOP) Price Target Raised to $120.00 at JMP Securities

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price raised by JMP Securities from $80.00 to $120.00 in a report published on Wednesday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the software maker’s stock.

Other equities research analysts have also issued research reports about the company. Loop Capital lifted their price objective on Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Oppenheimer raised their target price on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday. Truist Financial lowered their price target on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Finally, UBS Group boosted their price objective on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Stock Performance

Shares of SHOP opened at $108.49 on Wednesday. The stock has a market capitalization of $139.99 billion, a P/E ratio of 101.38, a P/E/G ratio of 3.71 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.10. Shopify has a 1 year low of $48.56 and a 1 year high of $115.62. The company’s fifty day moving average is $81.97 and its two-hundred day moving average is $71.02.

Institutional Trading of Shopify

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHOP. Empowered Funds LLC grew its stake in shares of Shopify by 15.4% during the 1st quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock valued at $981,000 after buying an additional 1,694 shares during the period. Bleakley Financial Group LLC grew its stake in shares of Shopify by 51.4% in the first quarter. Bleakley Financial Group LLC now owns 16,315 shares of the software maker’s stock valued at $1,259,000 after buying an additional 5,537 shares in the last quarter. TBH Global Asset Management LLC raised its stake in shares of Shopify by 43.0% during the first quarter. TBH Global Asset Management LLC now owns 5,649 shares of the software maker’s stock valued at $436,000 after purchasing an additional 1,700 shares during the period. Kingsview Wealth Management LLC lifted its holdings in Shopify by 1.4% in the 1st quarter. Kingsview Wealth Management LLC now owns 26,369 shares of the software maker’s stock worth $2,035,000 after buying an additional 365 shares in the last quarter. Finally, Midwest Professional Planners LTD. lifted its stake in shares of Shopify by 31.7% in the first quarter. Midwest Professional Planners LTD. now owns 4,842 shares of the software maker’s stock worth $374,000 after acquiring an additional 1,166 shares in the last quarter. Hedge funds and other 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.