Shopify (NYSE:SHOP) Rating Increased to Outperform at Wedbush

Wedbush upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a neutral rating to an outperform rating in a research note released on Monday, MarketBeat Ratings reports. The brokerage currently has $125.00 target price on the software maker’s stock, up from their prior target price of $115.00.

A number of other analysts have also recently commented on SHOP. JMP Securities reiterated a “market outperform” rating and set a $120.00 target price on shares of Shopify in a research report on Thursday, December 12th. Piper Sandler raised their price target on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Royal Bank of Canada boosted their price objective on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Mizuho lifted their target price on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Finally, Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and increased their price target for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $99.88.

Shopify Trading Up 4.5 %

Shares of Shopify stock opened at $114.19 on Monday. 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 company has a fifty day simple moving average of $105.18 and a 200-day simple moving average of $83.37. The stock has a market cap of $147.54 billion, a price-to-earnings ratio of 106.72, a PEG ratio of 2.98 and a beta of 2.46. Shopify has a 12-month low of $48.56 and a 12-month high of $120.72.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently modified their holdings of the company. CWA Asset Management Group LLC grew its stake in Shopify by 3.6% in the 4th quarter. CWA Asset Management Group LLC now owns 4,282 shares of the software maker’s stock worth $455,000 after acquiring an additional 148 shares during the period. Modus Advisors LLC purchased a new stake in shares of Shopify in the fourth quarter valued at $64,000. DGS Capital Management LLC increased its stake in Shopify by 15.0% in the third quarter. DGS Capital Management LLC now owns 3,536 shares of the software maker’s stock valued at $283,000 after purchasing an additional 460 shares during the last quarter. Logan Capital Management Inc. lifted its position in Shopify by 9.6% during the third quarter. Logan Capital Management Inc. now owns 41,779 shares of the software maker’s stock worth $3,348,000 after buying an additional 3,652 shares during the period. Finally, Beaird Harris Wealth Management LLC lifted its position in Shopify by 700.0% during the third quarter. Beaird Harris Wealth Management LLC now owns 1,000 shares of the software maker’s stock worth $80,000 after buying an additional 875 shares during the period. 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.