Shopify (NYSE:SHOP) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a $130.00 target price on the software maker’s stock.

SHOP has been the subject of several other reports. JMP Securities reiterated a “market outperform” rating and set a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. Citigroup increased their target price on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Truist Financial boosted their price target on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Wedbush upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $115.00 to $125.00 in a report on Monday, January 6th. Finally, Oppenheimer boosted their target price on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $100.31.

Shopify Trading Up 0.1 %

Shares of Shopify stock opened at $106.39 on Wednesday. The firm has a market capitalization of $137.47 billion, a PE ratio of 99.43, a price-to-earnings-growth ratio of 2.17 and a beta of 2.46. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm’s 50 day moving average is $109.62 and its 200 day moving average is $86.37. Shopify has a 1 year low of $48.56 and a 1 year high of $120.72.

Hedge Funds Weigh In On Shopify

Several large investors have recently added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group lifted its holdings in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares in the last quarter. Brooklyn Investment Group purchased a new stake in Shopify in the 3rd quarter valued at $33,000. Rosenberg Matthew Hamilton lifted its stake in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares in the last quarter. Truvestments Capital LLC purchased a new position in Shopify during the 3rd quarter worth $45,000. Finally, GAMMA Investing LLC grew its stake in shares of Shopify by 73.5% in the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after acquiring an additional 253 shares in 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.