Shopify Inc (US) (NYSE:SHOP) (TSE:SHOP) had its price objective raised by Morgan Stanley from $116.00 to $120.00 in a research note issued on Tuesday. The firm currently has an “equal weight” rating on the software maker’s stock. Morgan Stanley’s target price points to a potential downside of 2.83% from the stock’s current price.
SHOP has been the subject of several other reports. Piper Jaffray Companies lifted their price target on Shopify Inc (US) from $110.00 to $120.00 in a research report on Tuesday, October 31st. KeyCorp reissued an “overweight” rating and issued a $140.00 price objective (up from $116.00) on shares of Shopify Inc (US) in a report on Monday, November 27th. Vetr raised Shopify Inc (US) from a “hold” rating to a “buy” rating and set a $122.30 price objective on the stock in a report on Monday, October 2nd. Roth Capital raised their price objective on Shopify Inc (US) from $117.00 to $119.00 and gave the company a “buy” rating in a report on Wednesday, November 1st. Finally, Wedbush reissued an “outperform” rating and issued a $120.00 price objective on shares of Shopify Inc (US) in a report on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $104.84.
Shares of Shopify Inc (NYSE:SHOP) traded down $3.80 during mid-day trading on Tuesday, reaching $123.50. The company had a trading volume of 793,889 shares, compared to its average volume of 1,056,481. The company has a debt-to-equity ratio of 0.02, a quick ratio of 10.64 and a current ratio of 10.64. The stock has a market capitalization of $12,180.00 and a PE ratio of -250.51. Shopify Inc has a 52 week low of $50.17 and a 52 week high of $130.47.
Large investors have recently modified their holdings of the company. Advisory Services Network LLC boosted its stake in shares of Shopify Inc (US) by 26.6% in the second quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock worth $123,000 after acquiring an additional 298 shares during the last quarter. Fisher Asset Management LLC acquired a new stake in shares of Shopify Inc (US) in the third quarter worth approximately $233,000. Sterling Investment Advisors Ltd. acquired a new stake in shares of Shopify Inc (US) in the fourth quarter worth approximately $202,000. Associated Banc Corp acquired a new stake in shares of Shopify Inc (US) in the third quarter worth approximately $236,000. Finally, Cypress Asset Management Inc. TX acquired a new stake in shares of Shopify Inc (US) in the third quarter worth approximately $237,000. 55.63% of the stock is currently owned by hedge funds and other institutional investors.
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About Shopify Inc (US)
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.
