Shopify (NYSE:SHOP) Now Covered by Analysts at New Street Research

Equities researchers at New Street Research assumed coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a report released on Friday,Briefing.com Automated Import reports. The brokerage set a “neutral” rating and a $115.00 price target on the software maker’s stock. New Street Research’s price objective indicates a potential upside of 13.03% from the company’s previous close.

Several other analysts have also weighed in on the company. Wedbush raised Shopify from a “neutral” rating to an “outperform” rating and upped their target price for the company from $115.00 to $125.00 in a report on Monday. Robert W. Baird lifted their target price on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group increased their price target on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Royal Bank of Canada lifted their price objective on Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Finally, Scotiabank increased their target price on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $100.31.

Shopify Price Performance

Shares of NYSE SHOP traded down $5.90 during midday trading on Friday, hitting $101.74. The company had a trading volume of 1,615,879 shares, compared to its average volume of 4,461,818. The firm has a market capitalization of $131.46 billion, a price-to-earnings ratio of 95.09, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. Shopify has a twelve month low of $48.56 and a twelve month high of $120.72. The business has a 50-day simple moving average of $106.86 and a two-hundred day simple moving average of $83.99. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. lifted its position in shares of Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. FMR LLC lifted its holdings in Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after buying an additional 5,869,795 shares during the last quarter. Legal & General Group Plc grew its position in shares of Shopify by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock worth $544,017,000 after acquiring an additional 145,618 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Shopify by 6.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after acquiring an additional 484,561 shares during the last quarter. Finally, National Bank of Canada FI lifted its stake in Shopify by 28.0% during the third quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 shares during the last quarter. 69.27% of the stock is currently owned by 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.