Shopify (NYSE:SHOP) Given “Buy” Rating at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research report sent to investors on Thursday, AnalystRatings.com reports. They currently have a $630.00 price target on the software maker’s stock, up from their previous price target of $481.00.

A number of other research analysts also recently issued reports on the company. Robert W. Baird boosted their price target on Shopify from to in a report on Tuesday, January 21st. National Bank Financial boosted their price target on Shopify from $450.00 to $500.00 and gave the company an outperform rating in a report on Tuesday, January 28th. UBS Group restated an underperform rating and set a $450.00 price target on shares of Shopify in a report on Thursday. They noted that the move was a valuation call. Royal Bank of Canada boosted their price target on Shopify from $400.00 to $650.00 and gave the company an outperform rating in a report on Wednesday. Finally, CIBC restated a hold rating and set a $525.00 price target on shares of Shopify in a report on Wednesday, January 22nd. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fourteen have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $460.46.

NYSE:SHOP traded down $1.75 during mid-day trading on Thursday, reaching $531.22. 2,206,751 shares of the company’s stock traded hands, compared to its average volume of 2,173,423. Shopify has a 12-month low of $173.71 and a 12-month high of $593.89. The firm has a market capitalization of $56.71 billion, a price-to-earnings ratio of -470.11 and a beta of 1.19. The company has a debt-to-equity ratio of 0.04, a current ratio of 11.21 and a quick ratio of 11.21. The company has a 50 day moving average price of $449.15 and a 200-day moving average price of $368.66.

Several hedge funds have recently bought and sold shares of SHOP. Jennison Associates LLC grew its holdings in shares of Shopify by 37.2% during the 4th quarter. Jennison Associates LLC now owns 3,210,762 shares of the software maker’s stock worth $1,276,535,000 after acquiring an additional 870,046 shares during the period. Discovery Value Fund purchased a new position in shares of Shopify during the 4th quarter worth approximately $92,442,000. Bank of New York Mellon Corp grew its holdings in shares of Shopify by 24.5% during the 4th quarter. Bank of New York Mellon Corp now owns 746,622 shares of the software maker’s stock worth $296,841,000 after acquiring an additional 146,890 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in shares of Shopify during the 3rd quarter worth approximately $32,770,000. Finally, Commerzbank Aktiengesellschaft FI grew its holdings in shares of Shopify by 422.3% during the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 128,108 shares of the software maker’s stock worth $39,926,000 after acquiring an additional 103,582 shares during the period. Hedge funds and other institutional investors own 57.36% of the company’s stock.

About Shopify

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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Analyst Recommendations for Shopify (NYSE:SHOP)

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