Robert W. Baird Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by Robert W. Baird from $90.00 to $126.00 in a report published on Wednesday,Benzinga reports. Robert W. Baird currently has an outperform rating on the software maker’s stock.

Other equities research analysts also recently issued reports about the company. Wedbush reiterated a “neutral” rating and issued a $115.00 price target (up from $72.00) on shares of Shopify in a report on Tuesday, November 12th. Piper Sandler restated a “neutral” rating and issued a $67.00 price target on shares of Shopify in a report on Thursday, August 29th. Loop Capital lifted their price objective on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price on the stock in a research note on Tuesday, September 17th. Finally, Evercore ISI lifted their price target on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Price Performance

SHOP stock opened at $108.49 on Wednesday. The stock has a market cap of $139.99 billion, a PE ratio of 101.38, a P/E/G ratio of 3.71 and a beta of 2.36. Shopify has a 12 month low of $48.56 and a 12 month high of $115.62. The company has a 50-day moving average price of $81.97 and a 200 day moving average price of $71.02. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Institutional Trading of Shopify

Several large investors have recently made changes to their positions in the business. Moser Wealth Advisors LLC boosted its holdings in Shopify by 1.4% in the third quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock valued at $755,000 after purchasing an additional 128 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in shares of Shopify by 7.0% in the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after buying an additional 129 shares during the last quarter. Rosenberg Matthew Hamilton grew its holdings in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the period. CVA Family Office LLC raised its position in Shopify by 11.8% during the third quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock valued at $109,000 after acquiring an additional 143 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC lifted its holdings in Shopify by 3.5% in the third quarter. Twin Peaks Wealth Advisors LLC now owns 4,282 shares of the software maker’s stock valued at $343,000 after acquiring an additional 145 shares during the period. 69.27% of the stock is owned by hedge funds and other 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.