Royal Bank of Canada Reaffirms “Outperform” Rating for Shopify (NYSE:SHOP)

Royal Bank of Canada reaffirmed their outperform rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research note released on Wednesday morning,Benzinga reports. Royal Bank of Canada currently has a $130.00 price target on the software maker’s stock.

A number of other equities analysts also recently commented on the stock. Truist Financial raised their price objective on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Wells Fargo & Company raised their price objective on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. The Goldman Sachs Group raised their price objective on shares of Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Canaccord Genuity Group raised their price objective on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Scotiabank raised their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $100.31.

Shopify Stock Performance

NYSE SHOP opened at $107.74 on Wednesday. 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 $139.22 billion, a price-to-earnings ratio of 100.70, a P/E/G ratio of 2.24 and a beta of 2.46. The company’s fifty day moving average is $109.38 and its two-hundred day moving average is $86.64. Shopify has a 52-week low of $48.56 and a 52-week high of $120.72.

Institutional Investors Weigh In On Shopify

Several large investors have recently bought and sold shares of SHOP. EverSource Wealth Advisors LLC increased its stake in Shopify by 23.8% in the second quarter. EverSource Wealth Advisors LLC now owns 3,020 shares of the software maker’s stock valued at $185,000 after purchasing an additional 581 shares in the last quarter. Evergreen Capital Management LLC increased its position in shares of Shopify by 12.9% during the second quarter. Evergreen Capital Management LLC now owns 10,508 shares of the software maker’s stock worth $694,000 after acquiring an additional 1,201 shares in the last quarter. Insigneo Advisory Services LLC increased its position in shares of Shopify by 4.1% during the second quarter. Insigneo Advisory Services LLC now owns 31,937 shares of the software maker’s stock worth $2,109,000 after acquiring an additional 1,245 shares in the last quarter. Fred Alger Management LLC increased its position in shares of Shopify by 274.3% during the second quarter. Fred Alger Management LLC now owns 610,839 shares of the software maker’s stock worth $40,346,000 after acquiring an additional 447,656 shares in the last quarter. Finally, Caxton Associates LP bought a new stake in shares of Shopify during the second quarter worth $3,963,000. Institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

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.