Shopify Inc. (NYSE:SHOP) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have received an average recommendation of “Moderate Buy” from the forty brokerages that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $99.03.

A number of analysts have issued reports on SHOP shares. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Moffett Nathanson lifted their target price on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Oppenheimer increased their price target on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a research note on Tuesday, September 17th. Finally, Piper Sandler increased their target price on Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th.

Institutional Investors Weigh In On Shopify

Several large investors have recently modified their holdings of the business. DGS Capital Management LLC raised its position in shares of Shopify by 15.0% in the 3rd quarter. DGS Capital Management LLC now owns 3,536 shares of the software maker’s stock worth $283,000 after acquiring an additional 460 shares in the last quarter. Logan Capital Management Inc. grew its stake in Shopify by 9.6% in the third quarter. Logan Capital Management Inc. now owns 41,779 shares of the software maker’s stock valued at $3,348,000 after purchasing an additional 3,652 shares during the last quarter. Beaird Harris Wealth Management LLC raised its holdings in Shopify by 700.0% in the third quarter. Beaird Harris Wealth Management LLC now owns 1,000 shares of the software maker’s stock worth $80,000 after purchasing an additional 875 shares in the last quarter. Peapack Gladstone Financial Corp lifted its position in shares of Shopify by 29.3% during the third quarter. Peapack Gladstone Financial Corp now owns 9,551 shares of the software maker’s stock valued at $765,000 after buying an additional 2,162 shares during the last quarter. Finally, Synovus Financial Corp bought a new stake in shares of Shopify in the 3rd quarter valued at about $481,000. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 0.6 %

SHOP stock opened at $114.63 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify has a 1-year low of $48.56 and a 1-year high of $120.72. The business has a 50 day simple moving average of $95.50 and a two-hundred day simple moving average of $77.39. The company has a market capitalization of $148.11 billion, a price-to-earnings ratio of 107.13, a PEG ratio of 3.05 and a beta of 2.46.

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.