Shopify (NYSE:SHOP) Reaches New 1-Year High – Still a Buy?

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $122.81 and last traded at $121.08, with a volume of 443140 shares trading hands. The stock had previously closed at $121.73.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Oppenheimer boosted their target price on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Piper Sandler raised their price target on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Scotiabank boosted their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. Finally, Wedbush raised shares of Shopify from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $115.00 to $125.00 in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $100.32.

Shopify Stock Down 1.1 %

The company has a market cap of $151.60 billion, a price-to-earnings ratio of 109.65, a PEG ratio of 2.49 and a beta of 2.47. The business has a fifty day moving average of $110.88 and a two-hundred day moving average of $90.15. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Institutional Investors Weigh In On Shopify

Several institutional investors have recently bought and sold shares of the company. PFG Private Wealth Management LLC raised its position in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after buying an additional 256 shares during the last quarter. Brooklyn Investment Group purchased a new stake in Shopify during the 3rd quarter valued at about $33,000. Rosenberg Matthew Hamilton raised its holdings in Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the last quarter. New Wave Wealth Advisors LLC purchased a new position in Shopify in the 4th quarter worth approximately $39,000. Finally, Mather Group LLC. boosted its holdings in shares of Shopify by 84.8% during the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after purchasing an additional 184 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

About Shopify

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.