Shopify Inc. (NYSE:SHOP) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have received a consensus rating of “Moderate Buy” from the forty-two analysts that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $115.39.

A number of research firms have issued reports on SHOP. KeyCorp cut their target price on shares of Shopify from $140.00 to $105.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. UBS Group cut their target price on shares of Shopify from $125.00 to $110.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Wedbush restated an “outperform” rating and set a $110.00 price target on shares of Shopify in a report on Tuesday, April 15th. Wells Fargo & Company raised their price target on shares of Shopify from $107.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Finally, Atb Cap Markets upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 8th.

Institutional Investors Weigh In On Shopify

Several institutional investors have recently modified their holdings of the business. LRI Investments LLC raised its holdings in Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock worth $94,000 after purchasing an additional 79 shares during the last quarter. Tidemark LLC raised its holdings in Shopify by 3.6% during the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock worth $276,000 after purchasing an additional 90 shares during the last quarter. Howland Capital Management LLC raised its holdings in Shopify by 2.0% during the 4th quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock worth $526,000 after purchasing an additional 99 shares during the last quarter. Mark Sheptoff Financial Planning LLC raised its holdings in Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares during the last quarter. Finally, Quadcap Wealth Management LLC raised its holdings in Shopify by 0.9% during the 1st quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker’s stock worth $1,063,000 after purchasing an additional 103 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Down 3.5%

SHOP stock opened at $105.34 on Friday. Shopify has a 12-month low of $48.56 and a 12-month high of $129.38. The company has a market cap of $136.40 billion, a price-to-earnings ratio of 67.96, a PEG ratio of 4.82 and a beta of 2.63. The company has a 50 day moving average of $98.64 and a two-hundred day moving average of $105.09.

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.