Shopify’s (SHOP) “Market Outperform” Rating Reiterated at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research note released on Thursday morning,Benzinga reports. They currently have a $120.00 target price on the software maker’s stock.

A number of other research firms have also recently commented on SHOP. The Goldman Sachs Group lifted their price objective on shares of Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Piper Sandler lifted their target price on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. KeyCorp raised their price objective on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Mizuho boosted their price objective on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Finally, Wells Fargo & Company increased their target price on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average price target of $99.03.

Shopify Stock Performance

Shares of NYSE SHOP opened at $114.63 on Thursday. Shopify has a 12 month low of $48.56 and a 12 month high of $120.72. The stock has a 50 day moving average of $96.14 and a 200-day moving average of $77.92. 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 company has a market capitalization of $148.11 billion, a P/E ratio of 107.13, a P/E/G ratio of 3.05 and a beta of 2.46.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group increased its position in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares during the period. Cultivar Capital Inc. acquired a new stake in Shopify in the second quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new position in Shopify during the 2nd quarter worth $33,000. Brooklyn Investment Group acquired a new position in Shopify during the 3rd quarter worth about $33,000. Finally, Rosenberg Matthew Hamilton grew its position in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares during the last quarter. Institutional investors and hedge funds 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.