Shopify (NYSE:SHOP) Stock Rating Upgraded by Loop Capital

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by research analysts at Loop Capital from a “hold” rating to a “buy” rating in a note issued to investors on Friday, MarketBeat.com reports. The firm presently has a $140.00 price objective on the software maker’s stock, up from their previous price objective of $110.00. Loop Capital’s price target points to a potential upside of 22.72% from the company’s current price.

A number of other brokerages have also recently issued reports on SHOP. Argus upgraded shares of Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Piper Sandler upped their target price on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Citigroup raised their price target on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Canaccord Genuity Group upped their price objective on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group lifted their target price on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average target price of $97.16.

Shopify Stock Up 0.6 %

Shares of NYSE:SHOP opened at $114.08 on Friday. 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 stock has a fifty day simple moving average of $91.80 and a two-hundred day simple moving average of $75.37. Shopify has a 12-month low of $48.56 and a 12-month high of $116.35. The stock has a market capitalization of $147.40 billion, a price-to-earnings ratio of 106.62, a PEG ratio of 2.94 and a beta of 2.46.

Institutional Trading of Shopify

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Oliver Lagore Vanvalin Investment Group boosted its holdings in shares of Shopify by 100.0% during the 2nd 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 during the last quarter. Cultivar Capital Inc. purchased a new stake in shares of Shopify in the second quarter worth about $33,000. Hazlett Burt & Watson Inc. bought a new position in Shopify during the second quarter valued at approximately $33,000. Brooklyn Investment Group purchased a new position in Shopify during the 3rd quarter valued at approximately $33,000. Finally, Rosenberg Matthew Hamilton increased its stake in Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 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.