Shopify (NYSE:SHOP) Price Target Raised to $130.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective raised by KeyCorp from $80.00 to $130.00 in a report published on Wednesday,Benzinga reports. KeyCorp currently has an overweight rating on the software maker’s stock.

A number of other analysts have also commented on SHOP. Barclays lifted their price objective on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 price target on shares of Shopify in a research report on Monday, October 7th. Evercore ISI increased their price objective on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 target price on shares of Shopify in a report on Tuesday, September 10th. Finally, Royal Bank of Canada increased their price target on Shopify from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Stock Down 0.5 %

Shares of SHOP opened at $108.49 on Wednesday. The business’s fifty day moving average price is $81.97 and its two-hundred day moving average price is $71.02. The firm has a market capitalization of $139.99 billion, a price-to-earnings ratio of 101.39, a PEG 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. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.10.

Hedge Funds Weigh In On Shopify

A number of large investors have recently modified their holdings of the business. Baillie Gifford & Co. increased its position in shares of Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the last quarter. Capital World Investors grew its stake in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Shopify by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares during the last quarter. FMR LLC raised its stake in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted 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 valued at $2,642,265,000 after buying an additional 5,982,434 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.