Shopify (NYSE:SHOP) Sets New 52-Week High – Should You Buy?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $91.90 and last traded at $90.60, with a volume of 2025051 shares. The stock had previously closed at $87.12.

Analyst Upgrades and Downgrades

SHOP has been the topic of several analyst reports. Wells Fargo & Company upped their target price on Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. Citigroup lifted their target price on shares of Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and raised their price target for the company from $78.00 to $82.00 in a research report on Tuesday, July 16th. Finally, Argus raised shares of Shopify to a “strong-buy” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.19.

Shopify Trading Up 20.3 %

The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The stock’s 50-day moving average is $78.73 and its two-hundred day moving average is $69.92. The company has a market cap of $139.67 billion, a P/E ratio of 110.45, a P/E/G ratio of 3.01 and a beta of 2.36.

Hedge Funds Weigh In On Shopify

A number of institutional investors and hedge funds have recently modified their holdings of SHOP. Empowered Funds LLC grew its stake in shares of Shopify by 15.4% during the 1st quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock valued at $981,000 after purchasing an additional 1,694 shares during the period. Bleakley Financial Group LLC increased its holdings in Shopify by 51.4% during the first quarter. Bleakley Financial Group LLC now owns 16,315 shares of the software maker’s stock valued at $1,259,000 after buying an additional 5,537 shares during the last quarter. TBH Global Asset Management LLC raised its position in Shopify by 43.0% in the first quarter. TBH Global Asset Management LLC now owns 5,649 shares of the software maker’s stock worth $436,000 after acquiring an additional 1,700 shares during the period. Kingsview Wealth Management LLC boosted its stake in shares of Shopify by 1.4% during the 1st quarter. Kingsview Wealth Management LLC now owns 26,369 shares of the software maker’s stock worth $2,035,000 after acquiring an additional 365 shares during the last quarter. Finally, Midwest Professional Planners LTD. grew its position in shares of Shopify by 31.7% during the 1st quarter. Midwest Professional Planners LTD. now owns 4,842 shares of the software maker’s stock valued at $374,000 after acquiring an additional 1,166 shares during the period. 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.