Shopify (NYSE:SHOP) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target raised by Wells Fargo & Company from $90.00 to $120.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the software maker’s stock.

Other equities research analysts have also issued research reports about the company. Morgan Stanley boosted their price objective on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Royal Bank of Canada upped their price objective on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday. UBS Group lifted their target price on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Wolfe Research started coverage on shares of Shopify in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price target for the company. Finally, Canaccord Genuity Group raised their price target on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $94.95.

Shopify Stock Performance

Shares of Shopify stock opened at $108.49 on Wednesday. The company’s 50 day moving average price is $81.97 and its two-hundred day moving average price is $71.02. The firm has a market capitalization of $139.99 billion, a P/E ratio of 101.38, a P/E/G ratio of 3.71 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.10 and a quick ratio of 7.32. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $115.62.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SHOP. GQG Partners LLC grew its position in Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares in the last quarter. Capital World Investors grew its holdings in shares of Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after acquiring an additional 10,340,040 shares in the last quarter. Baillie Gifford & Co. lifted its holdings in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after acquiring an additional 5,982,434 shares during the period. Finally, FMR LLC boosted its position in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

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.