Shopify (NYSE:SHOP) Stock Price Expected to Rise, Moffett Nathanson Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by stock analysts at Moffett Nathanson from $86.00 to $99.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Moffett Nathanson’s price target suggests a potential downside of 12.04% from the stock’s current price.

SHOP has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft raised their target price on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Robert W. Baird raised their target price on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Evercore raised their target price on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Wedbush reissued a “neutral” rating and set a $115.00 target price (up previously from $72.00) on shares of Shopify in a research report on Tuesday, November 12th. Finally, Benchmark reaffirmed a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.84.

Shopify Price Performance

Shares of NYSE SHOP opened at $112.55 on Tuesday. 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 has a fifty-two week low of $48.56 and a fifty-two week high of $115.62. The firm has a market capitalization of $145.23 billion, a PE ratio of 105.19, a price-to-earnings-growth ratio of 2.92 and a beta of 2.36. The stock’s 50-day simple moving average is $87.75 and its 200-day simple moving average is $73.18.

Institutional Trading of Shopify

Several institutional investors and hedge funds have recently made changes to their positions in SHOP. BOKF NA increased its stake in Shopify by 6.3% in the first quarter. BOKF NA now owns 5,722 shares of the software maker’s stock valued at $447,000 after purchasing an additional 337 shares during the last quarter. Silvercrest Asset Management Group LLC increased its stake in Shopify by 735.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after acquiring an additional 46,589 shares during the last quarter. Ancora Advisors LLC increased its stake in Shopify by 3.9% during the first quarter. Ancora Advisors LLC now owns 14,560 shares of the software maker’s stock worth $1,124,000 after acquiring an additional 550 shares during the last quarter. iA Global Asset Management Inc. increased its stake in Shopify by 28.3% during the first quarter. iA Global Asset Management Inc. now owns 14,155 shares of the software maker’s stock worth $1,092,000 after acquiring an additional 3,124 shares during the last quarter. Finally, Wahed Invest LLC increased its stake in Shopify by 33.9% during the first quarter. Wahed Invest LLC now owns 45,464 shares of the software maker’s stock worth $3,511,000 after acquiring an additional 11,520 shares during the last quarter. 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.