Shopify (NYSE:SHOP) Now Covered by New Street Research

New Street Research initiated coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a report issued on Friday, MarketBeat.com reports. The firm issued a neutral rating and a $115.00 price objective on the software maker’s stock.

Several other equities research analysts also recently issued reports on the company. Barclays increased their price objective on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Robert W. Baird raised their price target on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and lifted their target price for the company from $110.00 to $140.00 in a research note on Friday, December 6th. Finally, The Goldman Sachs Group upped their price target on shares of Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $100.31.

Shopify Price Performance

Shares of NYSE:SHOP opened at $103.91 on Friday. The company’s fifty day moving average is $107.35 and its two-hundred day moving average is $84.27. The company has a market cap of $134.26 billion, a P/E ratio of 97.11, a price-to-earnings-growth ratio of 2.98 and a beta of 2.46. Shopify has a 12-month low of $48.56 and a 12-month high of $120.72. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

Institutional Investors Weigh In On Shopify

A number of institutional investors have recently bought and sold shares of SHOP. Victory Capital Management Inc. increased its stake in Shopify by 78.7% in the second quarter. Victory Capital Management Inc. now owns 147,285 shares of the software maker’s stock valued at $9,728,000 after acquiring an additional 64,856 shares during the period. Acadian Asset Management LLC raised its holdings in shares of Shopify by 90.9% in the 2nd quarter. Acadian Asset Management LLC now owns 56,463 shares of the software maker’s stock worth $3,727,000 after buying an additional 26,885 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Shopify by 61.1% during the 2nd quarter. American Century Companies Inc. now owns 1,444,714 shares of the software maker’s stock worth $95,439,000 after buying an additional 547,700 shares during the period. Achmea Investment Management B.V. boosted its stake in Shopify by 10.1% in the 2nd quarter. Achmea Investment Management B.V. now owns 85,169 shares of the software maker’s stock valued at $5,628,000 after buying an additional 7,789 shares in the last quarter. Finally, BOKF NA grew its position in Shopify by 36.2% in the second quarter. BOKF NA now owns 7,794 shares of the software maker’s stock valued at $515,000 after acquiring an additional 2,072 shares during the period. Institutional investors and hedge funds 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.