Shopify’s (SHOP) “Market Outperform” Rating Reiterated at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research note published on Friday,Benzinga reports. They currently have a $120.00 target price on the software maker’s stock.

Other analysts have also recently issued reports about the stock. Truist Financial lifted their target price on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, November 13th. Evercore ISI lifted their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Argus raised Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Moffett Nathanson lifted their price target on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, The Goldman Sachs Group boosted their price target on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.08.

Shopify Stock Performance

Shares of SHOP opened at $118.37 on Friday. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm has a market cap of $152.95 billion, a PE ratio of 110.63, a P/E/G ratio of 2.97 and a beta of 2.46. Shopify has a 12 month low of $48.56 and a 12 month high of $120.72. The stock has a fifty day moving average price of $92.58 and a 200-day moving average price of $76.03.

Institutional Investors Weigh In On Shopify

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. CWM LLC increased its stake in Shopify by 3.6% during the second quarter. CWM LLC now owns 12,265 shares of the software maker’s stock worth $810,000 after purchasing an additional 429 shares during the period. Csenge Advisory Group increased its position in shares of Shopify by 7.7% during the second quarter. Csenge Advisory Group now owns 3,834 shares of the software maker’s stock worth $253,000 after acquiring an additional 273 shares during the period. Capital Investment Advisors LLC raised its stake in shares of Shopify by 78.4% in the second quarter. Capital Investment Advisors LLC now owns 5,557 shares of the software maker’s stock valued at $367,000 after acquiring an additional 2,442 shares in the last quarter. Opal Wealth Advisors LLC acquired a new position in Shopify during the 2nd quarter worth $84,000. Finally, Hexagon Capital Partners LLC increased its holdings in Shopify by 49.4% during the 2nd quarter. Hexagon Capital Partners LLC now owns 931 shares of the software maker’s stock worth $61,000 after purchasing an additional 308 shares during the period. 69.27% of the stock is 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.