Shopify (NYSE:SHOP) Upgraded to “Buy” at Loop Capital

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by equities researchers at Loop Capital from a “hold” rating to a “buy” rating in a report issued on Friday, MarketBeat Ratings reports. The firm presently has a $140.00 price objective on the software maker’s stock, up from their previous price objective of $110.00. Loop Capital’s price target would indicate a potential upside of 22.72% from the company’s previous close.

A number of other analysts have also commented on the company. UBS Group boosted their target price on Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. boosted their price objective on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. The Goldman Sachs Group increased their target price on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Scotiabank boosted their price target on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Finally, Royal Bank of Canada upped their price objective on shares of Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $97.16.

Shopify Stock Up 0.6 %

Shopify stock opened at $114.08 on Friday. The company has a market capitalization of $147.40 billion, a PE ratio of 106.62, a PEG ratio of 2.94 and a beta of 2.46. Shopify has a 12-month low of $48.56 and a 12-month high of $116.35. The firm’s fifty day moving average is $91.80 and its 200 day moving average is $75.37. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

Hedge Funds Weigh In On Shopify

A number of institutional investors have recently added to or reduced their stakes in SHOP. Sunbelt Securities Inc. boosted its holdings in shares of Shopify by 0.7% during the third quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock worth $1,162,000 after purchasing an additional 105 shares during the period. Moser Wealth Advisors LLC lifted its position in shares of Shopify by 1.4% in the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock worth $755,000 after purchasing an additional 128 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in shares of Shopify by 7.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock valued at $159,000 after purchasing an additional 129 shares in the last quarter. Rosenberg Matthew Hamilton increased 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 valued at $36,000 after buying an additional 133 shares during the period. Finally, CVA Family Office LLC raised its stake in Shopify by 11.8% in the third quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock worth $109,000 after buying an additional 143 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

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.