Shopify Inc (NYSE:SHOP) Receives Average Recommendation of “Hold” from Brokerages
Shares of Shopify Inc (NYSE:SHOP) (TSE:SHOP) have been assigned a consensus recommendation of “Hold” from the thirty research firms that are currently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, thirteen have assigned a hold recommendation and fourteen have given a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $351.59.
A number of analysts recently commented on SHOP shares. Credit Suisse Group lifted their price target on Shopify from $370.00 to $450.00 and gave the stock an “outperform” rating in a report on Monday. Guggenheim reiterated a “hold” rating on shares of Shopify in a report on Tuesday, December 3rd. Loop Capital started coverage on Shopify in a report on Wednesday. They set a “hold” rating and a $420.00 price target on the stock. CIBC set a $350.00 price target on Shopify and gave the stock a “hold” rating in a report on Tuesday, October 8th. Finally, ValuEngine lowered Shopify from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd.
Shares of NYSE:SHOP traded up $3.58 during mid-day trading on Friday, hitting $454.88. 1,869,206 shares of the company traded hands, compared to its average volume of 1,607,774. The stock has a market cap of $50.89 billion, a P/E ratio of -745.70 and a beta of 1.21. The company has a current ratio of 11.21, a quick ratio of 11.21 and a debt-to-equity ratio of 0.04. Shopify has a 12-month low of $154.10 and a 12-month high of $458.91. The stock has a 50-day moving average price of $394.71 and a two-hundred day moving average price of $347.87.
Several institutional investors and hedge funds have recently modified their holdings of the business. Meag Munich Ergo Kapitalanlagegesellschaft MBH raised its stake in shares of Shopify by 43.9% in the fourth quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 7,770 shares of the software maker’s stock valued at $3,081,000 after buying an additional 2,370 shares during the period. Arden Trust Co raised its stake in shares of Shopify by 23.4% in the fourth quarter. Arden Trust Co now owns 1,193 shares of the software maker’s stock valued at $474,000 after buying an additional 226 shares during the period. IFP Advisors Inc raised its stake in shares of Shopify by 6.7% in the fourth quarter. IFP Advisors Inc now owns 862 shares of the software maker’s stock valued at $349,000 after buying an additional 54 shares during the period. We Are One Seven LLC bought a new stake in shares of Shopify in the fourth quarter valued at $338,000. Finally, HBW Advisory Services LLC bought a new stake in shares of Shopify in the fourth quarter valued at $239,000. Hedge funds and other institutional investors own 57.33% of the company’s stock.
Shopify Company Profile
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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