Several other research firms have also recently commented on SHOP. UBS Group raised their target price on Shopify from $295.00 to $395.00 and gave the stock a buy rating in a research note on Thursday, June 20th. Raymond James raised their target price on Shopify from $270.00 to $365.00 and gave the stock an outperform rating in a research note on Friday, August 2nd. Barclays raised their target price on Shopify from $225.00 to $310.00 and gave the stock an equal weight rating in a research note on Friday, June 21st. Goldman Sachs Group assumed coverage on Shopify in a research note on Friday, June 7th. They set a neutral rating and a $264.00 target price for the company. Finally, Canaccord Genuity raised their target price on Shopify from $360.00 to $385.00 and gave the stock a buy rating in a research note on Thursday, August 1st. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $335.88.
Shares of SHOP traded up $1.63 during mid-day trading on Wednesday, reaching $327.20. 2,746,844 shares of the company were exchanged, compared to its average volume of 1,904,983. Shopify has a 52 week low of $117.64 and a 52 week high of $409.61. The company has a debt-to-equity ratio of 0.05, a quick ratio of 11.44 and a current ratio of 11.44. The stock has a market capitalization of $36.82 billion, a PE ratio of -536.39 and a beta of 1.19. The business has a 50 day simple moving average of $351.35 and a two-hundred day simple moving average of $294.88.
A number of institutional investors have recently made changes to their positions in the business. North Star Investment Management Corp. acquired a new stake in Shopify in the third quarter valued at approximately $72,000. Toronto Dominion Bank grew its stake in Shopify by 68.2% in the second quarter. Toronto Dominion Bank now owns 289,392 shares of the software maker’s stock valued at $86,938,000 after acquiring an additional 117,292 shares during the period. Griffin Asset Management Inc. grew its stake in Shopify by 141.5% in the second quarter. Griffin Asset Management Inc. now owns 5,795 shares of the software maker’s stock valued at $1,739,000 after acquiring an additional 3,395 shares during the period. Harvest Fund Management Co. Ltd acquired a new stake in Shopify in the second quarter valued at approximately $83,000. Finally, Strategy Capital LLC grew its stake in Shopify by 3.5% in the second quarter. Strategy Capital LLC now owns 184,145 shares of the software maker’s stock valued at $55,271,000 after acquiring an additional 6,229 shares during the period. 59.68% of the stock is owned by hedge funds and other institutional investors.
Shopify Company Profile
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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