JMP Securities Reiterates “Market Outperform” Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “market outperform” rating reissued by equities researchers at JMP Securities in a research report issued on Thursday,Benzinga reports. They presently have a $120.00 price target on the software maker’s stock. JMP Securities’ price objective would suggest a potential upside of 4.68% from the stock’s previous close.

Other equities analysts have also issued reports about the company. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. Truist Financial lifted their price target on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Citigroup increased their price objective on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $70.00 target price on shares of Shopify in a research report on Monday, October 7th. Finally, Moffett Nathanson increased their price target on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $99.03.

Shopify Stock Performance

NYSE:SHOP opened at $114.63 on Thursday. The firm has a market capitalization of $148.11 billion, a PE ratio of 107.13, a PEG ratio of 3.05 and a beta of 2.46. Shopify has a 1 year low of $48.56 and a 1 year high of $120.72. 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’s fifty day simple moving average is $95.50 and its 200 day simple moving average is $77.39.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Oliver Lagore Vanvalin Investment Group grew its stake in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares during the period. Cultivar Capital Inc. acquired a new stake in Shopify during the 2nd quarter worth approximately $33,000. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify in the second quarter valued at about $33,000. Brooklyn Investment Group bought a new stake in Shopify in the 3rd quarter valued at about $33,000. Finally, Rosenberg Matthew Hamilton boosted its stake in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares during the period. Institutional investors and hedge funds 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.