Shopify Inc. (NASDAQ:SHOP) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) have been given a consensus recommendation of “Moderate Buy” by the forty-four research firms that are presently covering the stock, MarketBeat.com reports. Thirteen analysts have rated the stock with a hold rating and thirty-one have issued a buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $162.3684.

SHOP has been the subject of a number of research analyst reports. Evercore ISI set a $135.00 price target on Shopify in a report on Wednesday, February 11th. Benchmark lowered their target price on shares of Shopify from $195.00 to $145.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Royal Bank Of Canada set a $170.00 price target on shares of Shopify and gave the company an “outperform” rating in a research report on Thursday. JPMorgan Chase & Co. upped their price objective on shares of Shopify from $179.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Finally, Scotiabank upgraded Shopify from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $165.00 to $200.00 in a research note on Thursday, January 8th.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $112.70 on Thursday. The company has a market capitalization of $146.72 billion, a P/E ratio of 121.18, a P/E/G ratio of 3.96 and a beta of 2.83. The company has a 50 day simple moving average of $149.40 and a 200-day simple moving average of $150.95. Shopify has a 1 year low of $69.84 and a 1 year high of $182.19.

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently bought and sold shares of the company. Truvestments Capital LLC boosted its stake in shares of Shopify by 12.1% in the fourth quarter. Truvestments Capital LLC now owns 12,979 shares of the software maker’s stock valued at $2,089,000 after purchasing an additional 1,398 shares during the period. USS Investment Management Ltd boosted its position in Shopify by 0.5% in the 4th quarter. USS Investment Management Ltd now owns 191,740 shares of the software maker’s stock valued at $30,846,000 after buying an additional 982 shares during the period. Zinnia Wealth Advisory LLC purchased a new position in Shopify in the 4th quarter valued at approximately $366,000. Vanguard Personalized Indexing Management LLC grew its stake in shares of Shopify by 8.4% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 64,297 shares of the software maker’s stock worth $10,350,000 after acquiring an additional 4,998 shares in the last quarter. Finally, Venture Visionary Partners LLC increased its position in shares of Shopify by 10.5% during the fourth quarter. Venture Visionary Partners LLC now owns 85,930 shares of the software maker’s stock worth $13,832,000 after acquiring an additional 8,168 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.