Wedbush Reaffirms Outperform Rating for Shopify Inc (US) (SHOP)

Shopify Inc (US) (NYSE:SHOP) (TSE:SHOP)‘s stock had its “outperform” rating reaffirmed by equities researchers at Wedbush in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. They presently have a $140.00 price target on the software maker’s stock, up from their prior price target of $120.00. Wedbush’s price objective points to a potential upside of 9.43% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Barclays reiterated a “neutral” rating on shares of Shopify Inc (US) in a research report on Sunday, November 5th. Oppenheimer restated a “hold” rating on shares of Shopify Inc (US) in a research report on Tuesday, October 31st. DA Davidson raised their price objective on Shopify Inc (US) to $110.00 and gave the stock a “neutral” rating in a research report on Thursday. Piper Jaffray Companies restated a “buy” rating and set a $110.00 price objective on shares of Shopify Inc (US) in a research report on Wednesday, November 1st. Finally, KeyCorp restated a “buy” rating and set a $116.00 price objective on shares of Shopify Inc (US) in a research report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Shopify Inc (US) presently has an average rating of “Buy” and an average price target of $108.67.

Shopify Inc (SHOP) traded up $8.39 during trading on Monday, reaching $127.94. The company’s stock had a trading volume of 2,702,733 shares, compared to its average volume of 1,320,000. The company has a quick ratio of 10.64, a current ratio of 10.64 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $12,700.00 and a P/E ratio of -261.10. Shopify Inc has a 1 year low of $54.30 and a 1 year high of $131.16.

Hedge funds have recently modified their holdings of the business. Advisory Services Network LLC increased its holdings in 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 purchasing an additional 298 shares in the last quarter. US Bancorp DE increased its holdings in Shopify Inc (US) by 63.8% in the fourth quarter. US Bancorp DE now owns 1,889 shares of the software maker’s stock worth $191,000 after purchasing an additional 736 shares in the last quarter. Sterling Investment Advisors Ltd. bought a new stake in Shopify Inc (US) in the fourth quarter worth approximately $202,000. Wellington Shields Capital Management LLC bought a new stake in Shopify Inc (US) in the fourth quarter worth approximately $202,000. Finally, QS Investors LLC bought a new stake in Shopify Inc (US) in the second quarter worth approximately $217,000. Institutional investors and hedge funds own 54.61% of the company’s stock.

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Shopify Inc (US) Company Profile

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.

Analyst Recommendations for Shopify Inc (US) (NYSE:SHOP)

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