Shopify (NYSE:SHOP) Stock Price Expected to Rise, Moffett Nathanson Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective boosted by research analysts at Moffett Nathanson from $86.00 to $99.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Moffett Nathanson’s price target indicates a potential downside of 12.04% from the stock’s previous close.

A number of other research analysts also recently commented on SHOP. Citigroup increased their price target on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a report on Monday, September 30th. Canaccord Genuity Group increased their price target on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. increased their target price on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Evercore ISI increased their target price on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Finally, Piper Sandler increased their target price on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. One 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $95.84.

Shopify Price Performance

Shares of NYSE SHOP opened at $112.55 on Tuesday. The company has a market capitalization of $145.23 billion, a price-to-earnings ratio of 105.19, a PEG ratio of 2.92 and a beta of 2.36. Shopify has a 1-year low of $48.56 and a 1-year high of $115.62. 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 business has a 50-day moving average of $87.75 and a 200-day moving average of $73.18.

Hedge Funds Weigh In On Shopify

Several hedge funds have recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group boosted its stake in shares of Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares in the last quarter. Cultivar Capital Inc. bought a new stake in shares of Shopify during the 2nd quarter worth $33,000. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify during the 2nd quarter worth $33,000. Brooklyn Investment Group bought a new stake in shares of Shopify during the 3rd quarter worth $33,000. Finally, Rosenberg Matthew Hamilton boosted its stake in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Company Profile

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.