Shopify (NYSE:SHOP) (TSE:SHOP) had its price target boosted by research analysts at Canaccord Genuity from $165.00 to $190.00 in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the software maker’s stock. Canaccord Genuity’s target price indicates a potential upside of 10.45% from the stock’s current price.
A number of other research analysts have also recently weighed in on the stock. Rosenblatt Securities set a $190.00 target price on shares of Shopify and gave the company a “buy” rating in a research note on Friday, October 26th. Macquarie set a $185.00 target price on shares of Shopify and gave the stock a “buy” rating in a report on Friday, October 26th. Royal Bank of Canada upped their price target on shares of Shopify from $157.00 to $159.00 and gave the stock a “sector perform” rating in a report on Saturday, October 27th. Zacks Investment Research reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Shopify in a research report on Thursday, November 15th. Finally, Wells Fargo & Co assumed coverage on Shopify in a report on Tuesday, December 18th. They issued an “outperform” rating and a $175.00 price objective on the stock. Six analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $184.15.
SHOP opened at $172.02 on Tuesday. Shopify has a 1 year low of $112.50 and a 1 year high of $180.00. The firm has a market cap of $18.66 billion, a P/E ratio of -409.57 and a beta of 1.51. The company has a quick ratio of 11.82, a current ratio of 11.82 and a debt-to-equity ratio of 0.01.
Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in shares of Shopify by 95.7% during the 2nd quarter. BlackRock Inc. now owns 176,537 shares of the software maker’s stock valued at $25,755,000 after buying an additional 86,351 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Shopify by 132.0% during the second quarter. Dimensional Fund Advisors LP now owns 26,734 shares of the software maker’s stock worth $3,900,000 after purchasing an additional 15,209 shares during the period. Millennium Management LLC bought a new stake in Shopify in the 2nd quarter valued at $2,061,000. Northern Trust Corp increased its stake in shares of Shopify by 562.8% in the second quarter. Northern Trust Corp now owns 218,063 shares of the software maker’s stock worth $31,813,000 after acquiring an additional 185,163 shares during the period. Finally, Atria Investments LLC acquired a new position in shares of Shopify in the third quarter valued at approximately $263,000. 62.28% of the stock is owned by hedge funds and other institutional investors.
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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