Shopify (NYSE:SHOP) Earns Outperform Rating from Royal Bank of Canada

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “outperform” rating reiterated by Royal Bank of Canada in a research report issued on Wednesday,Benzinga reports. They currently have a $130.00 price objective on the software maker’s stock. Royal Bank of Canada’s target price suggests a potential upside of 22.46% from the stock’s current price.

SHOP has been the topic of several other reports. The Goldman Sachs Group lifted their price objective on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Barclays upped their price target on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Piper Sandler raised their price objective on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Mizuho upped their target price on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Finally, Moffett Nathanson upped their price objective on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research note 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 given a strong buy rating to the company. Based on data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average target price of $100.31.

Shopify Stock Performance

NYSE:SHOP opened at $106.16 on Wednesday. Shopify has a 1-year low of $48.56 and a 1-year high of $120.72. The stock has a market cap of $137.17 billion, a P/E ratio of 99.21, a PEG ratio of 2.23 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The firm has a 50-day moving average of $109.44 and a two-hundred day moving average of $86.51.

Institutional Investors Weigh In On Shopify

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Oliver Lagore Vanvalin Investment Group raised its holdings in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares in the last quarter. Brooklyn Investment Group acquired a new position in Shopify in the third quarter worth approximately $33,000. Rosenberg Matthew Hamilton increased its holdings in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares in the last quarter. New Wave Wealth Advisors LLC acquired a new stake in shares of Shopify during the 4th quarter valued at $39,000. Finally, Truvestments Capital LLC bought a new stake in shares of Shopify during the 3rd quarter worth $45,000. 69.27% of the stock is owned by institutional investors and hedge funds.

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.