Shopify (NYSE:SHOP) Reaches New 52-Week High – Still a Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s share price hit a new 52-week high on Friday . The stock traded as high as $115.82 and last traded at $115.81, with a volume of 2784628 shares. The stock had previously closed at $112.54.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. JMP Securities boosted their price target on Shopify from $80.00 to $120.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 13th. Truist Financial increased their target price on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Benchmark reaffirmed a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Loop Capital increased their price objective on shares of Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, Barclays boosted their target price on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. One investment 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average price target of $95.84.

Shopify Stock Performance

The company has a market capitalization of $149.37 billion, a price-to-earnings ratio of 108.04, a PEG ratio of 2.96 and a beta of 2.36. 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 company’s 50-day moving average price is $89.16 and its two-hundred day moving average price is $73.96.

Institutional Investors Weigh In On Shopify

Institutional investors and hedge funds have recently made changes to their positions in the business. Cetera Investment Advisers grew its position in shares of Shopify by 414.8% during the 1st quarter. Cetera Investment Advisers now owns 280,607 shares of the software maker’s stock worth $21,654,000 after buying an additional 226,096 shares during the period. Cetera Advisors LLC grew its holdings in Shopify by 42.5% in the first quarter. Cetera Advisors LLC now owns 93,440 shares of the software maker’s stock worth $7,211,000 after purchasing an additional 27,885 shares during the period. EverSource Wealth Advisors LLC increased its stake in Shopify by 73.3% in the first quarter. EverSource Wealth Advisors LLC now owns 2,439 shares of the software maker’s stock valued at $171,000 after purchasing an additional 1,032 shares in the last quarter. Confluence Investment Management LLC raised its holdings in shares of Shopify by 2.3% during the second quarter. Confluence Investment Management LLC now owns 9,265 shares of the software maker’s stock valued at $612,000 after purchasing an additional 207 shares during the period. Finally, Marcum Wealth LLC boosted its position in shares of Shopify by 7.4% during the 2nd quarter. Marcum Wealth LLC now owns 10,645 shares of the software maker’s stock worth $703,000 after purchasing an additional 733 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

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.