Shopify (NYSE:SHOP) Upgraded to Outperform at Wedbush

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by equities research analysts at Wedbush from a “neutral” rating to an “outperform” rating in a report issued on Monday, Marketbeat.com reports. The firm presently has a $125.00 price target on the software maker’s stock, up from their prior price target of $115.00. Wedbush’s target price would suggest a potential upside of 17.00% from the company’s previous close.

A number of other analysts have also recently commented on the stock. Moffett Nathanson upped their price target on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Truist Financial upped their target price on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. Wells Fargo & Company lifted their target price on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. The Goldman Sachs Group increased their price target on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $120.00 price objective on shares of Shopify in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $99.88.

Shopify Stock Performance

NYSE:SHOP opened at $106.84 on Monday. The company has a market capitalization of $138.05 billion, a PE ratio of 99.85, a P/E/G ratio of 2.98 and a beta of 2.46. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $120.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The company has a 50 day simple moving average of $105.71 and a two-hundred day simple moving average of $83.66.

Hedge Funds Weigh In On Shopify

Institutional investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. boosted its stake in Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the last quarter. FMR LLC lifted its stake in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. Mackenzie Financial Corp increased its position in Shopify by 49.9% in the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after buying an additional 2,102,939 shares during the last quarter. Clearbridge Investments LLC raised its stake in shares of Shopify by 54.2% in the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after buying an additional 1,657,251 shares during the period. Finally, National Bank of Canada FI lifted its position in shares of Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after buying an additional 1,621,981 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

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.