Wedbush Reaffirms “Neutral” Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOPGet Free Report) (TSE:SHOP)‘s stock had its “neutral” rating reiterated by investment analysts at Wedbush in a report released on Tuesday,RTT News reports. They presently have a $115.00 price objective on the software maker’s stock, up from their previous price objective of $72.00. Wedbush’s price objective points to a potential upside of 6.25% from the company’s previous close.

SHOP has been the topic of a number of other research reports. Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a research note on Tuesday, September 17th. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Wells Fargo & Company boosted their target price on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, September 11th. KeyCorp started coverage on shares of Shopify in a research report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price target on the stock. Finally, Robert W. Baird raised their price objective on Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. 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’s stock. Based on data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $82.19.

Read Our Latest Report on SHOP

Shopify Price Performance

Shares of Shopify stock traded up $18.25 on Tuesday, hitting $108.24. The company had a trading volume of 63,849,738 shares, compared to its average volume of 9,286,535. Shopify has a 52 week low of $48.56 and a 52 week high of $114.51. 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 company has a market cap of $139.67 billion, a PE ratio of 110.45, a PEG ratio of 2.91 and a beta of 2.36. The business has a 50-day simple moving average of $78.73 and a 200-day simple moving average of $69.92.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Empowered Funds LLC grew its stake in shares of Shopify by 15.4% in the first quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock worth $981,000 after acquiring an additional 1,694 shares during the last quarter. Bleakley Financial Group LLC lifted its stake in shares of Shopify by 51.4% in 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 period. TBH Global Asset Management LLC grew its position in Shopify by 43.0% during the first quarter. TBH Global Asset Management LLC now owns 5,649 shares of the software maker’s stock worth $436,000 after buying an additional 1,700 shares in the last quarter. Kingsview Wealth Management LLC raised its holdings in Shopify by 1.4% in the 1st quarter. Kingsview Wealth Management LLC now owns 26,369 shares of the software maker’s stock valued at $2,035,000 after acquiring an additional 365 shares in the last quarter. Finally, Midwest Professional Planners LTD. lifted its position in shares of Shopify by 31.7% in the 1st quarter. Midwest Professional Planners LTD. now owns 4,842 shares of the software maker’s stock worth $374,000 after acquiring an additional 1,166 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Shopify (NYSE:SHOP)

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