Shopify (NYSE:SHOP) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price hoisted by The Goldman Sachs Group from $88.00 to $135.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

SHOP has been the subject of several other research reports. Scotiabank increased their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. Evercore upped their target price on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Evercore ISI raised their price objective on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Canaccord Genuity Group lifted their price target on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Morgan Stanley boosted their price objective on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $94.95.

Shopify Price Performance

Shopify stock opened at $108.49 on Wednesday. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The company has a market cap of $139.99 billion, a price-to-earnings ratio of 101.39, a PEG ratio of 3.45 and a beta of 2.36. Shopify has a 12 month low of $48.56 and a 12 month high of $115.62. The business’s 50 day simple moving average is $81.97 and its 200 day simple moving average is $71.02.

Institutional Trading of Shopify

Several hedge funds have recently modified their holdings of SHOP. Nations Financial Group Inc. IA ADV raised its holdings in shares of Shopify by 4.6% in the third quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after acquiring an additional 209 shares in the last quarter. Silvercrest Asset Management Group LLC grew its position in shares of Shopify by 735.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after purchasing an additional 46,589 shares during the period. Baker Avenue Asset Management LP lifted its stake in Shopify by 10.9% in the 3rd quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock valued at $17,390,000 after buying an additional 21,265 shares in the last quarter. Atria Investments Inc increased its stake in Shopify by 16.8% during the 3rd quarter. Atria Investments Inc now owns 158,383 shares of the software maker’s stock worth $12,693,000 after buying an additional 22,832 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Shopify by 3.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock valued at $15,079,000 after buying an additional 7,009 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.