Shopify (NYSE:SHOP) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target increased by Royal Bank of Canada from $100.00 to $130.00 in a research note released on Wednesday,Benzinga reports. They currently have an outperform rating on the software maker’s stock.

A number of other equities analysts have also issued reports on SHOP. Wedbush reissued a “neutral” rating and set a $115.00 price target (up previously from $72.00) on shares of Shopify in a report on Tuesday, November 12th. Wolfe Research started coverage on shares of Shopify in a report on Tuesday, July 16th. They set an “outperform” rating and a $80.00 price objective on the stock. Barclays raised their price target on Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday. Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price on the stock in a research note on Tuesday, September 17th. Finally, UBS Group raised their price target on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $94.95.

Shopify Stock Performance

Shares of Shopify stock opened at $108.49 on Wednesday. The company has a quick ratio of 7.32, a current ratio of 7.10 and a debt-to-equity ratio of 0.10. The firm’s 50 day moving average is $81.97 and its two-hundred day moving average is $71.02. The firm has a market capitalization of $139.99 billion, a P/E ratio of 101.39, a P/E/G ratio of 3.45 and a beta of 2.36. Shopify has a 52 week low of $48.56 and a 52 week high of $115.62.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SHOP. Baillie Gifford & Co. lifted its holdings in shares of Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares during the period. Capital World Investors boosted its position in shares of Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after purchasing an additional 10,340,040 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Shopify by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after acquiring an additional 713,064 shares during the last quarter. FMR LLC raised its holdings in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after acquiring an additional 5,982,434 shares during the last quarter. 69.27% of the stock is 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.