Moffett Nathanson Boosts Shopify (NYSE:SHOP) Price Target to $99.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by Moffett Nathanson from $86.00 to $99.00 in a report released on Tuesday,Benzinga reports. Moffett Nathanson currently has a neutral rating on the software maker’s stock.

A number of other research analysts have also commented on the stock. Evercore boosted their price target on shares of Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Mizuho boosted their price objective on shares of Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Benchmark restated a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Roth Mkm upped their target price on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.84.

Shopify Price Performance

Shopify stock opened at $115.67 on Tuesday. Shopify has a one year low of $48.56 and a one year high of $116.35. The business has a fifty day moving average price of $89.16 and a 200-day moving average price of $73.85. 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 market capitalization of $149.46 billion, a P/E ratio of 108.10, a PEG ratio of 2.96 and a beta of 2.36.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SHOP. BOKF NA grew its holdings in Shopify by 6.3% during the 1st quarter. BOKF NA now owns 5,722 shares of the software maker’s stock valued at $447,000 after buying an additional 337 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its holdings in shares of Shopify by 735.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after acquiring an additional 46,589 shares during the last quarter. Ancora Advisors LLC grew its position in Shopify by 3.9% in the first quarter. Ancora Advisors LLC now owns 14,560 shares of the software maker’s stock worth $1,124,000 after acquiring an additional 550 shares in the last quarter. iA Global Asset Management Inc. increased its stake in Shopify by 28.3% during the first quarter. iA Global Asset Management Inc. now owns 14,155 shares of the software maker’s stock worth $1,092,000 after acquiring an additional 3,124 shares during the last quarter. Finally, Wahed Invest LLC raised its position in Shopify by 33.9% during the first quarter. Wahed Invest LLC now owns 45,464 shares of the software maker’s stock valued at $3,511,000 after purchasing an additional 11,520 shares during the period. Institutional investors own 69.27% of the company’s stock.

About Shopify

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.