New Street Research Initiates Coverage on Shopify (NYSE:SHOP)

Analysts at New Street Research began coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research report issued to clients and investors on Friday, MarketBeat reports. The brokerage set a “neutral” rating and a $115.00 price target on the software maker’s stock. New Street Research’s price objective indicates a potential upside of 10.67% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Wedbush upgraded Shopify from a “neutral” rating to an “outperform” rating and raised their target price for the company from $115.00 to $125.00 in a research note on Monday, January 6th. Barclays lifted their price objective on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and upped their target price for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. Citigroup raised their target price on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Finally, JMP Securities reissued a “market outperform” rating and set a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $100.31.

Shopify Stock Performance

Shares of SHOP stock opened at $103.91 on Friday. The company has a market cap of $134.26 billion, a P/E ratio of 97.11, a PEG ratio of 2.98 and a beta of 2.46. The business has a 50 day moving average of $107.35 and a two-hundred day moving average of $84.41. Shopify has a 52 week low of $48.56 and a 52 week high of $120.72. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

Institutional Trading of Shopify

Large investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. boosted its holdings in Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares in the last quarter. FMR LLC boosted its stake in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Shopify by 49.9% during the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after acquiring an additional 2,102,939 shares during the last quarter. Clearbridge Investments LLC raised its stake in shares of Shopify by 54.2% in the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after acquiring an additional 1,657,251 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

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.