Shopify (NYSE:SHOP) Price Target Raised to $347.00
Shopify (NYSE:SHOP) (TSE:SHOP) had its target price upped by Royal Bank of Canada from $265.00 to $347.00 in a report released on Friday morning, BayStreet.CA reports. Royal Bank of Canada currently has an outperform rating on the software maker’s stock.
Several other equities analysts have also recently weighed in on the company. Macquarie raised their price target on Shopify to $230.00 and gave the company an outperform rating in a report on Wednesday, March 27th. Roth Capital lifted their target price on Shopify from $200.00 to $225.00 and gave the stock a buy rating in a report on Thursday, April 11th. Zacks Investment Research upgraded Shopify from a strong sell rating to a hold rating and set a $241.00 target price for the company in a report on Tuesday, April 16th. National Bank Financial lifted their target price on Shopify from $200.00 to $250.00 and gave the stock an outperform rating in a report on Wednesday, April 24th. Finally, Wedbush reiterated an outperform rating and issued a $270.00 target price (up previously from $200.00) on shares of Shopify in a report on Monday, April 29th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Shopify has a consensus rating of Buy and a consensus target price of $283.63.
NYSE SHOP opened at $326.85 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 12.57 and a current ratio of 12.56. Shopify has a 52 week low of $117.64 and a 52 week high of $338.94. The stock has a market capitalization of $36.44 billion, a PE ratio of -535.82 and a beta of 1.35.
Several hedge funds have recently modified their holdings of the stock. Executive Wealth Management LLC raised its position in Shopify by 34.6% during the 1st quarter. Executive Wealth Management LLC now owns 175 shares of the software maker’s stock valued at $36,000 after purchasing an additional 45 shares in the last quarter. Signaturefd LLC raised its position in Shopify by 56.9% during the 1st quarter. Signaturefd LLC now owns 171 shares of the software maker’s stock valued at $35,000 after purchasing an additional 62 shares in the last quarter. Proficio Capital Partners LLC raised its position in Shopify by 7.4% during the 4th quarter. Proficio Capital Partners LLC now owns 1,079 shares of the software maker’s stock valued at $149,000 after purchasing an additional 74 shares in the last quarter. Avitas Wealth Management LLC raised its position in Shopify by 0.8% during the 1st quarter. Avitas Wealth Management LLC now owns 9,893 shares of the software maker’s stock valued at $2,044,000 after purchasing an additional 76 shares in the last quarter. Finally, TCI Wealth Advisors Inc. raised its position in Shopify by 70.6% during the 1st quarter. TCI Wealth Advisors Inc. now owns 186 shares of the software maker’s stock valued at $38,000 after purchasing an additional 77 shares in the last quarter. 66.47% of the stock is owned by hedge funds and other institutional investors.
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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