Shopify (NYSE:SHOP) Coverage Initiated by Analysts at New Street Research

Equities research analysts at New Street Research initiated coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a report issued on Friday,Briefing.com Automated Import reports. The firm set a “neutral” rating and a $115.00 price target on the software maker’s stock. New Street Research’s target price would suggest a potential upside of 13.03% from the company’s previous close.

Several other analysts have also recently commented on SHOP. Scotiabank boosted their price target on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Canaccord Genuity Group boosted their price target on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Moffett Nathanson increased their price objective on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and raised their target price for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $100.31.

Shopify Price Performance

NYSE:SHOP traded down $5.90 during trading hours on Friday, hitting $101.74. 1,615,879 shares of the stock were exchanged, compared to its average volume of 4,461,818. The firm’s fifty day moving average price is $106.86 and its 200 day moving average price is $83.99. Shopify has a 52-week low of $48.56 and a 52-week high of $120.72. The company has a market cap of $131.46 billion, a P/E ratio of 95.09, a P/E/G ratio of 2.98 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.

Hedge Funds Weigh In On Shopify

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Watts Gwilliam & Co. LLC lifted its stake in shares of Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after acquiring an additional 4,641 shares during the period. First Hawaiian Bank purchased a new position in Shopify during the fourth quarter worth about $744,000. Fulton Bank N.A. acquired a new stake in Shopify in the fourth quarter valued at about $286,000. One Wealth Capital Management LLC purchased a new stake in Shopify in the 4th quarter valued at approximately $1,281,000. Finally, Diversified Trust Co acquired a new position in Shopify during the 4th quarter worth approximately $279,000. 69.27% of the stock is currently owned by hedge funds and other 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.