Shopify (NYSE:SHOP) Upgraded by Benchmark to “Buy” Rating

Benchmark upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a hold rating to a buy rating in a report released on Monday, MarketBeat.com reports. They currently have $150.00 price target on the software maker’s stock.

A number of other equities research analysts have also weighed in on the company. Piper Sandler lifted their price objective on Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Truist Financial lifted their price target on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. JMP Securities reiterated a “market outperform” rating and issued a $120.00 price objective on shares of Shopify in a research report on Thursday, December 12th. New Street Research assumed coverage on Shopify in a report on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price for the company. Finally, Atb Cap Markets cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $101.74.

Shopify Stock Up 2.1 %

SHOP stock opened at $119.88 on Monday. The stock has a market capitalization of $154.89 billion, a PE ratio of 112.04, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The company has a fifty day moving average of $110.91 and a 200-day moving average of $90.95. 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 one year low of $48.56 and a one year high of $123.41.

Institutional Trading of Shopify

A number of hedge funds have recently made changes to their positions in SHOP. Generali Asset Management SPA SGR acquired a new position in Shopify during the 4th quarter worth $6,653,000. Evoke Wealth LLC grew its stake in Shopify by 2.8% in the fourth quarter. Evoke Wealth LLC now owns 6,611 shares of the software maker’s stock worth $703,000 after purchasing an additional 180 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in Shopify by 149.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 220,108 shares of the software maker’s stock worth $23,182,000 after purchasing an additional 131,699 shares in the last quarter. PDS Planning Inc increased its holdings in Shopify by 24.9% in the fourth quarter. PDS Planning Inc now owns 10,959 shares of the software maker’s stock valued at $1,165,000 after buying an additional 2,187 shares during the last quarter. Finally, Petra Financial Advisors Inc. acquired a new stake in Shopify during the fourth quarter valued at approximately $558,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.