Shopify Inc. (NYSE:SHOP) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have earned a consensus rating of “Moderate Buy” from the forty-three research firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, fourteen have given a hold recommendation, twenty-six have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $115.37.

Several research analysts have commented on the company. Royal Bank of Canada cut their price target on Shopify from $145.00 to $125.00 and set an “outperform” rating on the stock in a research report on Thursday, April 17th. Wedbush reaffirmed an “outperform” rating and set a $110.00 price target on shares of Shopify in a research report on Tuesday, April 15th. JPMorgan Chase & Co. cut their price target on Shopify from $124.00 to $115.00 and set an “overweight” rating on the stock in a research report on Friday, May 9th. BNP Paribas lowered Shopify from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 5th. Finally, Citigroup lifted their price target on Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, February 11th.

Shopify Stock Performance

Shares of NYSE SHOP opened at $110.75 on Tuesday. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The firm has a market capitalization of $143.40 billion, a PE ratio of 71.45, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. The stock’s 50-day simple moving average is $94.30 and its 200-day simple moving average is $103.90.

Institutional Trading of Shopify

Institutional investors have recently modified their holdings of the business. Allianz SE purchased a new stake in shares of Shopify in the fourth quarter valued at approximately $27,000. PFG Private Wealth Management LLC boosted its stake in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after buying an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify in the fourth quarter valued at approximately $30,000. Smithfield Trust Co boosted its stake in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after buying an additional 188 shares in the last quarter. Finally, Dagco Inc. purchased a new stake in Shopify during the first quarter worth $30,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.