Shopify Inc. (NYSE:SHOP) (TSE:SHOP) has received a consensus rating of “Buy” from the thirty-eight brokerages that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-two have given a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $102.91.

SHOP has been the subject of several analyst reports. Monness Crespi & Hardt upgraded Shopify from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a report on Friday, October 27th. Piper Jaffray Companies restated a “buy” rating and issued a $110.00 target price on shares of Shopify in a report on Tuesday, September 5th. Robert W. Baird restated an “outperform” rating and issued a $110.00 target price on shares of Shopify in a report on Thursday, October 5th. Morgan Stanley restated an “equal weight” rating and issued a $109.00 target price on shares of Shopify in a report on Friday, October 6th. Finally, Royal Bank Of Canada boosted their target price on Shopify from $99.00 to $132.50 and gave the stock a “sector perform” rating in a report on Wednesday, November 1st.

Shares of Shopify (SHOP) traded up $1.30 during midday trading on Friday, hitting $111.81. The company had a trading volume of 649,894 shares, compared to its average volume of 2,363,113. Shopify has a 1-year low of $38.69 and a 1-year high of $123.94. The company has a debt-to-equity ratio of 0.02, a current ratio of 10.64 and a quick ratio of 10.64.

Several hedge funds have recently modified their holdings of the company. Private Advisory Group LLC raised its stake in shares of Shopify by 3.9% in the second quarter. Private Advisory Group LLC now owns 4,391 shares of the software maker’s stock valued at $382,000 after purchasing an additional 164 shares in the last quarter. Advisory Services Network LLC raised its stake in shares of Shopify by 26.6% in the second quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock valued at $123,000 after purchasing an additional 298 shares in the last quarter. Tocqueville Asset Management L.P. raised its stake in shares of Shopify by 2.1% in the second quarter. Tocqueville Asset Management L.P. now owns 19,200 shares of the software maker’s stock valued at $1,668,000 after purchasing an additional 400 shares in the last quarter. Meridian Wealth Management LLC raised its stake in shares of Shopify by 18.5% in the third quarter. Meridian Wealth Management LLC now owns 3,477 shares of the software maker’s stock valued at $413,000 after purchasing an additional 544 shares in the last quarter. Finally, State of Tennessee Treasury Department raised its stake in shares of Shopify by 1.2% in the second quarter. State of Tennessee Treasury Department now owns 46,703 shares of the software maker’s stock valued at $4,058,000 after purchasing an additional 550 shares in the last quarter. Institutional investors own 54.48% of the company’s stock.

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Shopify Company Profile

Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.

Analyst Recommendations for Shopify (NYSE:SHOP)

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