Royal Bank Of Canada Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price objective upped by investment analysts at Royal Bank Of Canada from $125.00 to $145.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has an "outperform" rating on the software maker's stock. Royal Bank Of Canada's target price would suggest a potential upside of 14.11% from the stock's current price.

A number of other analysts also recently commented on the stock. BNP Paribas downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Morgan Stanley increased their price objective on shares of Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Wedbush reiterated an "outperform" rating and issued a $110.00 price objective on shares of Shopify in a report on Tuesday, April 15th. JPMorgan Chase & Co. cut their price target on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Finally, Stifel Nicolaus raised their price target on shares of Shopify from $100.00 to $110.00 and gave the stock a "hold" rating in a report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $117.58.

Shopify Stock Up 0.3%

Shares of SHOP stock traded up $0.32 during mid-day trading on Friday, hitting $127.07. 8,468,342 shares of the stock were exchanged, compared to its average volume of 9,288,445. The firm has a fifty day moving average of $110.52 and a 200 day moving average of $105.38. Shopify has a 52-week low of $48.56 and a 52-week high of $129.38. The company has a market cap of $164.86 billion, a PE ratio of 81.98, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Family Legacy Financial Solutions LLC purchased a new stake in Shopify during the second quarter worth about $25,000. Allianz SE purchased a new stake in shares of Shopify in the fourth quarter valued at about $27,000. Coastline Trust Co purchased a new stake in shares of Shopify in the second quarter valued at about $29,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify in the fourth quarter valued at about $30,000. Finally, Smithfield Trust Co lifted its holdings in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after purchasing an additional 188 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.