Shopify (NYSE:SHOP) Shares Cross Above 50 Day Moving Average – What’s Next?

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $103.34 and traded as high as $107.31. Shopify shares last traded at $106.33, with a volume of 3,765,368 shares traded.

Analysts Set New Price Targets

A number of brokerages have weighed in on SHOP. Moffett Nathanson lifted their price objective on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Piper Sandler boosted their target price on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group increased their price target on shares of Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Wedbush reiterated a “neutral” rating and set a $115.00 price target (up from $72.00) on shares of Shopify in a research report on Tuesday, November 12th. One equities 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. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $99.03.

Shopify Trading Up 1.6 %

The firm has a market capitalization of $141.16 billion, a price-to-earnings ratio of 102.10, a P/E/G ratio of 2.98 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The business has a fifty day moving average price of $103.89 and a 200 day moving average price of $82.45.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Oliver Lagore Vanvalin Investment Group boosted its position in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares during the period. Hazlett Burt & Watson Inc. purchased a new position in Shopify in the 2nd quarter worth approximately $33,000. Brooklyn Investment Group acquired a new stake in Shopify in the third quarter valued at approximately $33,000. Rosenberg Matthew Hamilton raised its stake in shares of Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the period. Finally, Truvestments Capital LLC acquired a new position in shares of Shopify during the third quarter worth $45,000. Hedge funds and other 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.