Shopify (NYSE:SHOP) Price Target Raised to $125.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target increased by Canaccord Genuity Group from $80.00 to $125.00 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the software maker’s stock.

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 company an “outperform” rating in a research report on Wednesday. Wedbush reissued a “neutral” rating and issued a $115.00 price target (up previously from $72.00) on shares of Shopify in a research note on Tuesday, November 12th. Morgan Stanley raised their price objective on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Wells Fargo & Company upped their target price on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 11th. Finally, Evercore raised their price target on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $94.95.

Shopify Trading Down 0.5 %

Shopify stock opened at $108.49 on Wednesday. The stock has a market cap of $139.99 billion, a P/E ratio of 101.39, a PEG ratio of 3.45 and a beta of 2.36. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $115.62. The firm’s fifty day moving average price is $81.97 and its 200-day moving average price is $71.02. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.10.

Hedge Funds Weigh In On Shopify

Several institutional investors and hedge funds have recently added to or reduced their stakes in SHOP. Nations Financial Group Inc. IA ADV lifted 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 valued at $381,000 after acquiring an additional 209 shares during the period. Silvercrest Asset Management Group LLC lifted its holdings in shares of Shopify by 735.0% during 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 purchasing an additional 46,589 shares during the last quarter. Baker Avenue Asset Management LP grew its stake in shares of Shopify by 10.9% in the 3rd quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock worth $17,390,000 after buying an additional 21,265 shares during the last quarter. Atria Investments Inc increased its position in Shopify by 16.8% during the 3rd quarter. Atria Investments Inc now owns 158,383 shares of the software maker’s stock valued at $12,693,000 after buying an additional 22,832 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in 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 worth $15,079,000 after acquiring an additional 7,009 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.