Shopify’s (SHOP) Neutral Rating Reaffirmed at Wedbush

Wedbush restated their neutral rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research report released on Tuesday morning,RTT News reports. The brokerage currently has a $115.00 target price on the software maker’s stock, up from their prior target price of $72.00.

A number of other equities analysts have also issued reports on the stock. UBS Group upped 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. Robert W. Baird lifted their price objective on Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Bank of America raised Shopify from a “neutral” rating to a “buy” rating and increased their target price for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. Evercore boosted their target price on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Finally, Truist Financial cut their price target on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $82.19.

Shopify Stock Up 20.3 %

NYSE SHOP opened at $108.24 on Tuesday. The stock’s 50 day simple moving average is $78.73 and its 200 day simple moving average is $69.92. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify has a one year low of $48.56 and a one year high of $114.51. The firm has a market cap of $139.67 billion, a PE ratio of 110.45, a price-to-earnings-growth ratio of 3.01 and a beta of 2.36.

Institutional Investors Weigh In On Shopify

Hedge funds have recently bought and sold shares of the company. Silvercrest Asset Management Group LLC lifted its position in shares of Shopify by 735.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after buying an additional 46,589 shares during the last quarter. Baker Avenue Asset Management LP lifted its holdings in Shopify by 10.9% during the 3rd quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock valued at $17,390,000 after purchasing an additional 21,265 shares during the last quarter. Atria Investments Inc boosted its position in Shopify by 16.8% during the third quarter. Atria Investments Inc now owns 158,383 shares of the software maker’s stock worth $12,693,000 after purchasing an additional 22,832 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Shopify by 3.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock valued at $15,079,000 after purchasing an additional 7,009 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in shares of Shopify by 5.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after purchasing an additional 28,639 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.