Shopify (NYSE:SHOP) Raised to Outperform at Wedbush

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by Wedbush from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Monday, Marketbeat.com reports. The brokerage presently has a $125.00 price target on the software maker’s stock, up from their previous price target of $115.00. Wedbush’s price target indicates a potential upside of 17.00% from the stock’s previous close.

SHOP has been the subject of a number of other research reports. Robert W. Baird lifted their price target on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reissued a “neutral” rating and set a $70.00 target price on shares of Shopify in a report on Monday, October 7th. The Goldman Sachs Group raised their price target on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Canaccord Genuity Group upped their price objective on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and raised their target price for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $99.88.

Shopify Stock Performance

Shares of SHOP stock opened at $106.84 on Monday. The company has a fifty day moving average price of $105.71 and a two-hundred day moving average price of $83.66. Shopify has a one year low of $48.56 and a one year high of $120.72. The stock has a market cap of $138.05 billion, a P/E ratio of 99.85, 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 current ratio of 7.10 and a quick ratio of 7.10.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Swiss National Bank increased its holdings in Shopify by 0.9% in the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after purchasing an additional 33,300 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in shares of Shopify by 29.3% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after buying an additional 77,500 shares during the period. Oppenheimer & Co. Inc. raised its holdings in Shopify by 26.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after buying an additional 7,027 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its position in Shopify by 4.6% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock worth $381,000 after buying an additional 209 shares during the period. Finally, Wahed Invest LLC grew its holdings in Shopify by 18.4% during the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock worth $4,618,000 after acquiring an additional 8,960 shares during the last quarter. 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.