Shopify (NYSE:SHOP) Price Target Raised to $99.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective boosted by Moffett Nathanson from $86.00 to $99.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Moffett Nathanson’s price objective points to a potential downside of 10.92% from the stock’s previous close.

Several other equities analysts have also commented on the company. Wedbush reissued a “neutral” rating and set a $115.00 price target (up from $72.00) on shares of Shopify in a research report on Tuesday, November 12th. Deutsche Bank Aktiengesellschaft lifted their price objective on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Citigroup boosted their price target on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a report on Monday, September 30th. Truist Financial increased their price target on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Finally, Scotiabank upped their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $95.84.

Shopify Trading Up 0.1 %

Shopify stock traded up $0.13 during trading on Tuesday, reaching $111.13. The company had a trading volume of 1,711,527 shares, compared to its average volume of 9,306,685. Shopify has a 12-month low of $48.56 and a 12-month high of $115.62. The firm has a market capitalization of $143.40 billion, a price-to-earnings ratio of 103.86, a PEG ratio of 2.81 and a beta of 2.36. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The stock’s 50 day moving average price is $86.25 and its two-hundred day moving average price is $72.53.

Institutional Trading of Shopify

Institutional investors and hedge funds have recently modified their holdings of the company. Swiss National Bank boosted its stake in Shopify by 0.9% during the third quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after buying an additional 33,300 shares in the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of Shopify by 26.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after acquiring an additional 7,027 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its stake in Shopify by 4.6% in the third quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after acquiring an additional 209 shares during the period. Charles Schwab Investment Management Inc. raised its position in Shopify by 6.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,416,436 shares of the software maker’s stock worth $193,802,000 after purchasing an additional 136,530 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC lifted its stake in Shopify by 735.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after purchasing an additional 46,589 shares during the period. 69.27% of the stock is currently owned by institutional investors.

About Shopify

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.