Shopify Inc. (NYSE:SHOP) (TSE:SHOP) was downgraded by Vetr from a “strong-buy” rating to a “buy” rating in a report released on Tuesday. They presently have a $122.39 price objective on the software maker’s stock. Vetr‘s price objective would indicate a potential upside of 11.09% from the company’s current price.

A number of other research firms have also recently issued reports on SHOP. Piper Jaffray Companies lifted their target price on shares of Shopify from $110.00 to $120.00 in a research note on Tuesday, October 31st. Roth Capital set a $117.00 target price on shares of Shopify and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Canaccord Genuity reiterated a “buy” rating and issued a $115.00 target price (up from $90.00) on shares of Shopify in a research note on Wednesday, August 2nd. Zacks Investment Research upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $101.00 target price for the company in a research note on Friday, July 28th. Finally, BidaskClub cut shares of Shopify from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-two have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $100.70.

Shares of Shopify (SHOP) traded up $1.61 on Tuesday, reaching $110.17. 1,905,230 shares of the company were exchanged, compared to its average volume of 2,111,598. Shopify has a 52-week low of $38.69 and a 52-week high of $123.94. The company has a current ratio of 10.64, a quick ratio of 10.64 and a debt-to-equity ratio of 0.02.

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A number of institutional investors have recently made changes to their positions in SHOP. Belpointe Asset Management LLC bought a new stake in shares of Shopify in the 3rd quarter worth about $252,000. Cetera Advisors LLC grew its holdings in shares of Shopify by 7.1% in the 3rd quarter. Cetera Advisors LLC now owns 9,260 shares of the software maker’s stock worth $1,077,000 after purchasing an additional 610 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of Shopify by 58.7% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 13,540 shares of the software maker’s stock worth $1,577,000 after purchasing an additional 5,010 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Shopify in the 3rd quarter worth about $303,000. Finally, Highbridge Capital Management LLC bought a new stake in shares of Shopify in the 3rd quarter worth about $1,352,000. 54.48% of the stock is currently owned by hedge funds and other institutional investors.

About Shopify

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.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Shopify (NYSE:SHOP)

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