Oppenheimer Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective increased by Oppenheimer from $90.00 to $130.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an outperform rating on the software maker’s stock.

A number of other brokerages have also recently commented on SHOP. Deutsche Bank Aktiengesellschaft lifted their price target on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. KeyCorp assumed coverage on Shopify in a research report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price on the stock. Wolfe Research initiated coverage on shares of Shopify in a report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price target on the stock. Wedbush restated a “neutral” rating and set a $115.00 price objective (up from $72.00) on shares of Shopify in a research note on Tuesday, November 12th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a report on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $94.95.

Shopify Trading Down 0.5 %

NYSE:SHOP opened at $108.49 on Wednesday. The company has a market capitalization of $139.99 billion, a P/E ratio of 101.39, a PEG ratio of 3.45 and a beta of 2.36. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify has a 12 month low of $48.56 and a 12 month high of $115.62. The firm has a fifty day simple moving average of $81.97 and a 200-day simple moving average of $71.02.

Hedge Funds Weigh In On Shopify

A number of institutional investors and hedge funds have recently bought and sold shares of SHOP. GQG Partners LLC raised its holdings in Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after acquiring an additional 13,885,473 shares during the last quarter. Capital World Investors increased its holdings in shares of Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares during the last quarter. Baillie Gifford & Co. lifted its position in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after buying an additional 5,982,434 shares during the last quarter. Finally, FMR LLC grew its holdings in Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares in 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.