Shopify Inc. (NYSE:SHOP) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have earned a consensus recommendation of “Moderate Buy” from the thirty-nine brokerages that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, fourteen have assigned a hold recommendation, twenty-three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $100.32.

SHOP has been the topic of a number of recent analyst reports. Canaccord Genuity Group boosted their price objective on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. KeyCorp boosted their target price on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Oppenheimer boosted their target price on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group boosted their target price on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, New Street Research started coverage on Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price for the company.

Shopify Stock Down 2.6 %

Shares of NYSE:SHOP opened at $118.61 on Friday. The company has a market capitalization of $153.26 billion, a price-to-earnings ratio of 110.86, a P/E/G ratio of 2.46 and a beta of 2.47. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The business’s 50-day moving average is $110.75 and its 200-day moving average is $89.95. Shopify has a 1 year low of $48.56 and a 1 year high of $122.81.

Hedge Funds Weigh In On Shopify

Institutional investors have recently bought and sold shares of the company. PFG Private Wealth Management LLC lifted its position in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after acquiring an additional 256 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Shopify during the third quarter worth $33,000. Rosenberg Matthew Hamilton lifted its position in shares of Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares in the last quarter. New Wave Wealth Advisors LLC purchased a new stake in shares of Shopify during the fourth quarter worth $39,000. Finally, Mather Group LLC. lifted its position in shares of Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after acquiring an additional 184 shares in the last quarter. 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.