Shopify (NYSE:SHOP) Coverage Initiated at New Street Research

New Street Research started coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a report released on Friday morning, Marketbeat.com reports. The brokerage issued a neutral rating and a $115.00 price target on the software maker’s stock.

A number of other brokerages have also weighed in on SHOP. KeyCorp raised their target price on Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Canaccord Genuity Group raised their price target on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Mizuho upped their price objective on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Royal Bank of Canada increased their price objective on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Moffett Nathanson boosted their target price on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, fifteen have issued 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $100.31.

Shopify Stock Down 3.5 %

Shares of SHOP opened at $103.91 on Friday. The company has a market capitalization of $134.26 billion, a P/E ratio of 97.11, a PEG ratio of 2.98 and a beta of 2.46. Shopify has a one year low of $48.56 and a one year high of $120.72. The business’s 50 day simple moving average is $107.35 and its 200-day simple moving average is $84.27. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

Institutional Investors Weigh In On Shopify

Several institutional investors have recently bought and sold shares of the company. Baillie Gifford & Co. grew its stake in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. FMR LLC grew its position in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. Legal & General Group Plc grew its position in Shopify by 1.8% in the second quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock valued at $544,017,000 after purchasing an additional 145,618 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Shopify by 6.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after buying an additional 484,561 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after buying an additional 1,621,981 shares in the last quarter. Institutional investors 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.