Shopify (NYSE:SHOP) Reaches New 12-Month High – What’s Next?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP)’s stock price reached a new 52-week high on Monday . The stock traded as high as $91.90 and last traded at $90.60, with a volume of 2025051 shares changing hands. The stock had previously closed at $87.12.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SHOP. Scotiabank upped their price target on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. Truist Financial dropped their target price on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Argus upgraded shares of Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. boosted their price target on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Finally, Barclays raised their price objective on Shopify from $65.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $82.19.

Shopify Price Performance

The business’s 50-day simple moving average is $78.73 and its two-hundred day simple moving average is $69.92. The stock has a market cap of $139.67 billion, a price-to-earnings ratio of 110.45, a price-to-earnings-growth ratio of 3.01 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

Institutional Investors Weigh In On Shopify

A number of hedge funds and other institutional investors have recently bought and sold shares of SHOP. Silvercrest Asset Management Group LLC boosted its stake in shares of Shopify by 735.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after purchasing an additional 46,589 shares in the last quarter. Baker Avenue Asset Management LP boosted its position in Shopify by 10.9% during the 3rd quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock worth $17,390,000 after buying an additional 21,265 shares during the period. Atria Investments Inc grew its holdings in Shopify by 16.8% during the 3rd quarter. Atria Investments Inc now owns 158,383 shares of the software maker’s stock worth $12,693,000 after acquiring an additional 22,832 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Shopify by 3.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock valued at $15,079,000 after acquiring an additional 7,009 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Shopify by 5.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after acquiring an additional 28,639 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

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.