Shopify (SHOP) Price Target Increased to $180.00 by Analysts at Royal Bank of Canada

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target boosted by Royal Bank of Canada from $159.00 to $180.00 in a report released on Monday. Royal Bank of Canada currently has a sector perform rating on the software maker’s stock.

Several other research firms have also recently commented on SHOP. Zacks Investment Research raised Shopify from a sell rating to a hold rating in a research report on Saturday, January 26th. Wedbush reaffirmed an outperform rating and set a $177.00 price objective on shares of Shopify in a research report on Monday, January 28th. Rosenblatt Securities set a $190.00 price objective on Shopify and gave the company a buy rating in a research report on Friday, October 26th. DA Davidson raised Shopify from a neutral rating to a buy rating and set a $150.00 price objective on the stock in a research report on Friday, December 21st. Finally, Macquarie set a $185.00 price objective on Shopify and gave the company a buy rating in a research report on Friday, October 26th. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $168.61.

Shopify stock opened at $173.17 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 11.82 and a current ratio of 11.82. Shopify has a one year low of $112.50 and a one year high of $180.00. The firm has a market cap of $18.66 billion, a P/E ratio of -412.31 and a beta of 1.51.

A number of large investors have recently made changes to their positions in SHOP. We Are One Seven LLC purchased a new position in shares of Shopify during the 4th quarter valued at about $27,000. Mackey Komara & Dankovich LLC purchased a new position in shares of Shopify during the 4th quarter valued at about $28,000. Optimum Investment Advisors purchased a new position in shares of Shopify during the 4th quarter valued at about $28,000. Quad Cities Investment Group LLC purchased a new position in shares of Shopify during the 4th quarter valued at about $28,000. Finally, North Star Investment Management Corp. lifted its position in shares of Shopify by 90.9% during the 4th quarter. North Star Investment Management Corp. now owns 210 shares of the software maker’s stock valued at $29,000 after buying an additional 100 shares in the last quarter. 62.28% of the stock is currently owned by institutional investors and hedge funds.

About Shopify

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

Featured Story: Cost of Debt

Analyst Recommendations for Shopify (NYSE:SHOP)

Receive News & Ratings for Shopify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply