Shopify (NYSE:SHOP) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective lifted by Canaccord Genuity Group from $80.00 to $125.00 in a research report report published on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the software maker’s stock.

Several other equities research analysts have also recently weighed in on SHOP. Evercore increased their price objective on shares of Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Mizuho lifted their price objective on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday. Citigroup upped their target price on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Benchmark reiterated a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Finally, JMP Securities restated a “market outperform” rating and set a $80.00 price target on shares of Shopify in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $94.95.

Shopify Price Performance

Shopify stock opened at $108.49 on Wednesday. The firm has a market cap of $139.99 billion, a P/E ratio of 101.39, a P/E/G ratio of 3.45 and a beta of 2.36. The stock’s 50 day moving average is $81.97 and its 200 day moving average is $71.02. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.10 and a quick ratio of 7.32. Shopify has a one year low of $48.56 and a one year high of $115.62.

Institutional Trading of Shopify

A number of large investors have recently bought and sold shares of SHOP. Oliver Lagore Vanvalin Investment Group increased its holdings in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new position in shares of Shopify in the second quarter worth about $33,000. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify in the second quarter valued at approximately $33,000. Brooklyn Investment Group bought a new stake in shares of Shopify in the third quarter valued at approximately $33,000. Finally, Rosenberg Matthew Hamilton lifted its stake in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.