Shopify (NYSE:SHOP) Sets New 12-Month High – Should You Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $115.82 and last traded at $115.81, with a volume of 2784628 shares. The stock had previously closed at $112.54.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price for the company in a research report on Tuesday, September 17th. Mizuho upped their price target on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Canaccord Genuity Group upped their price target on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft upped their price target on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Finally, Barclays upped their price target on Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. One equities research 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.84.

Shopify Stock Performance

The stock has a market capitalization of $149.37 billion, a P/E ratio of 105.18, a P/E/G ratio of 2.96 and a beta of 2.36. The stock has a 50 day simple moving average of $88.42 and a two-hundred day simple moving average of $73.45. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently bought and sold shares of SHOP. Sunbelt Securities Inc. boosted its position in Shopify by 0.7% during the third quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock worth $1,162,000 after purchasing an additional 105 shares during the period. Moser Wealth Advisors LLC grew its stake in Shopify by 1.4% in the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock valued at $755,000 after buying an additional 128 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in Shopify by 7.0% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock valued at $159,000 after acquiring an additional 129 shares during the period. Rosenberg Matthew Hamilton lifted its position in Shopify by 41.3% during the third 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. Finally, CVA Family Office LLC lifted its position in Shopify by 11.8% during the third quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock worth $109,000 after acquiring an additional 143 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.