Shopify (NYSE:SHOP) Sets New 12-Month High – Should You Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shares reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $115.82 and last traded at $115.81, with a volume of 2784628 shares changing hands. The stock had previously closed at $112.54.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Canaccord Genuity Group boosted their price target on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Loop Capital boosted their price target on Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group upped their target price on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Atb Cap Markets downgraded Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, Oppenheimer boosted their price target on Shopify from $90.00 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, seventeen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $95.84.

Shopify Stock Up 2.7 %

The stock has a 50-day simple moving average of $88.42 and a two-hundred day simple moving average of $73.45. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm has a market cap of $149.37 billion, a PE ratio of 105.18, a P/E/G ratio of 2.96 and a beta of 2.36.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Sunbelt Securities Inc. increased its holdings in Shopify by 0.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock valued at $1,162,000 after purchasing an additional 105 shares during the period. Moser Wealth Advisors LLC raised its holdings in 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 acquiring an additional 128 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in Shopify by 7.0% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after acquiring an additional 129 shares during the last quarter. Rosenberg Matthew Hamilton raised its holdings in Shopify by 41.3% in 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 during the last quarter. Finally, CVA Family Office LLC raised its holdings in Shopify by 11.8% in the 3rd quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock worth $109,000 after acquiring an additional 143 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.