Shopify (NYSE:SHOP) Lifted to Buy at The Goldman Sachs Group

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP was upgraded by stock analysts at The Goldman Sachs Group from a "neutral" rating to a "buy" rating in a research note issued to investors on Wednesday, Marketbeat reports. The firm currently has a $74.00 target price on the software maker's stock, up from their previous target price of $67.00. The Goldman Sachs Group's price objective points to a potential upside of 26.02% from the company's current price.

SHOP has been the subject of several other reports. Atb Cap Markets raised shares of Shopify from a "sector perform" rating to an "outperform" rating in a research report on Wednesday, May 8th. StockNews.com upgraded shares of Shopify from a "sell" rating to a "hold" rating in a research note on Wednesday, April 24th. Royal Bank of Canada cut their price target on shares of Shopify from $100.00 to $85.00 and set an "outperform" rating on the stock in a report on Thursday, May 9th. Robert W. Baird lowered their price objective on Shopify from $87.00 to $77.00 and set an "outperform" rating for the company in a research report on Thursday, May 9th. Finally, Canaccord Genuity Group reduced their target price on Shopify from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $77.06.

Shopify Stock Up 3.0 %

Shares of SHOP traded up $1.70 during trading hours on Wednesday, hitting $58.72. The company had a trading volume of 18,605,348 shares, compared to its average volume of 10,427,002. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $75.67 billion, a PE ratio of -348.71, a price-to-earnings-growth ratio of 2.39 and a beta of 2.20. Shopify has a one year low of $45.50 and a one year high of $91.57. The company's fifty day moving average price is $71.49 and its two-hundred day moving average price is $74.37.

Institutional Trading of Shopify

Several institutional investors have recently modified their holdings of the stock. Private Wealth Management Group LLC purchased a new stake in shares of Shopify in the fourth quarter valued at about $26,000. SJS Investment Consulting Inc. increased its holdings in shares of Shopify by 59.1% during the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker's stock worth $27,000 after buying an additional 130 shares during the last quarter. DSM Capital Partners LLC purchased a new stake in shares of Shopify during the 4th quarter valued at approximately $28,000. Jones Financial Companies Lllp acquired a new position in Shopify in the fourth quarter valued at approximately $28,000. Finally, Your Advocates Ltd. LLP grew its position in Shopify by 4,344.4% in the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker's stock valued at $31,000 after acquiring an additional 391 shares in the last quarter. Institutional investors and hedge funds 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.