Shopify (NYSE:SHOP) Given Market Outperform Rating at JMP Securities

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

Several other equities research analysts have also weighed in on SHOP. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Barclays raised their target price on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Scotiabank upped their price objective on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. The Goldman Sachs Group upped 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. Finally, Wedbush reissued a “neutral” rating and issued a $115.00 price target (up from $72.00) on shares of Shopify in a report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $99.03.

Shopify Price Performance

Shares of SHOP opened at $115.34 on Thursday. The firm has a market capitalization of $149.02 billion, a price-to-earnings ratio of 107.79, a PEG ratio of 3.05 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 fifty day simple moving average is $95.50 and its 200-day simple moving average is $77.39. Shopify has a twelve month low of $48.56 and a twelve month high of $120.72.

Hedge Funds Weigh In On Shopify

Institutional investors have recently added to or reduced their stakes in the company. DGS Capital Management LLC lifted its stake in shares of Shopify by 15.0% in the third quarter. DGS Capital Management LLC now owns 3,536 shares of the software maker’s stock worth $283,000 after acquiring an additional 460 shares in the last quarter. Logan Capital Management Inc. increased its holdings in Shopify by 9.6% during the 3rd quarter. Logan Capital Management Inc. now owns 41,779 shares of the software maker’s stock worth $3,348,000 after purchasing an additional 3,652 shares during the last quarter. Beaird Harris Wealth Management LLC increased its holdings in Shopify by 700.0% during the 3rd quarter. Beaird Harris Wealth Management LLC now owns 1,000 shares of the software maker’s stock worth $80,000 after purchasing an additional 875 shares during the last quarter. Peapack Gladstone Financial Corp raised its position in shares of Shopify by 29.3% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 9,551 shares of the software maker’s stock valued at $765,000 after purchasing an additional 2,162 shares in the last quarter. Finally, Synovus Financial Corp purchased a new position in shares of Shopify during the 3rd quarter valued at approximately $481,000. 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.