Shopify (NYSE:SHOP) Earns “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research note released on Wednesday,Benzinga reports. Royal Bank of Canada currently has a $130.00 price objective on the software maker’s stock.

Other analysts have also issued research reports about the stock. Scotiabank lifted their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. KeyCorp raised their target price on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Oppenheimer upped their price target on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Truist Financial lifted their price objective on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $100.31.

Shopify Trading Up 0.1 %

Shares of Shopify stock opened at $106.39 on Wednesday. The firm has a market cap of $137.47 billion, a PE ratio of 99.43, a P/E/G ratio of 2.17 and a beta of 2.46. Shopify has a 1 year low of $48.56 and a 1 year high of $120.72. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The stock has a fifty day moving average price of $109.62 and a 200-day moving average price of $86.37.

Institutional Investors Weigh In On Shopify

A number of institutional investors have recently made changes to their positions in SHOP. Trust Co. of Vermont lifted its stake in Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock worth $118,000 after purchasing an additional 100 shares during the last quarter. First United Bank & Trust lifted its stake in shares of Shopify by 2.2% in the 4th quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after acquiring an additional 100 shares during the last quarter. Sunbelt Securities Inc. boosted its holdings in Shopify by 0.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock valued at $1,162,000 after acquiring an additional 105 shares during the period. Redhawk Wealth Advisors Inc. grew its position in Shopify by 3.3% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock worth $357,000 after acquiring an additional 107 shares during the last quarter. Finally, Moser Wealth Advisors LLC increased its stake in Shopify by 1.4% in the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock worth $755,000 after purchasing an additional 128 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.