Shopify Inc. (NYSE:SHOP) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Shopify Inc. has received an average rating of "Moderate Buy" from 43 analysts, with varying recommendations including one sell, eighteen holds, and twenty-two buy ratings.
• The average price target for Shopify shares over the next twelve months is $119.16, with some analysts setting targets as high as $145.00.
• As of the last quarter, approximately 69.27% of Shopify's stock is owned by institutional investors, indicating strong confidence from large holders.

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP has been given a consensus recommendation of "Moderate Buy" by the forty-three analysts that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, eighteen have given a hold recommendation, twenty-two have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $119.68.

SHOP has been the subject of several analyst reports. Arete Research upgraded Shopify to a "hold" rating in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. dropped their price target on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Barclays dropped their price objective on Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. Mizuho dropped their price target on Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, Royal Bank Of Canada increased their target price on shares of Shopify from $125.00 to $145.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th.

Shopify Stock Performance

NYSE SHOP traded up $2.41 during mid-day trading on Friday, reaching $126.84. 5,328,229 shares of the stock were exchanged, compared to its average volume of 10,437,146. The stock has a market capitalization of $164.56 billion, a PE ratio of 81.83, a PEG ratio of 4.82 and a beta of 2.61. Shopify has a 1-year low of $48.56 and a 1-year high of $129.38. The business's fifty day simple moving average is $112.05 and its 200 day simple moving average is $105.89.

Institutional Investors Weigh In On Shopify

A number of large investors have recently made changes to their positions in SHOP. Brighton Jones LLC boosted its position in Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after acquiring an additional 584 shares during the period. Prudential Financial Inc. increased its stake in shares of Shopify by 112.7% during the 4th quarter. Prudential Financial Inc. now owns 36,322 shares of the software maker's stock worth $3,864,000 after purchasing an additional 19,242 shares during the last quarter. Modern Wealth Management LLC acquired a new position in Shopify during the fourth quarter worth $266,000. AssuredPartners Investment Advisors LLC acquired a new stake in shares of Shopify in the fourth quarter worth about $299,000. Finally, Nomura Asset Management Co. Ltd. raised its stake in shares of Shopify by 3.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 57,051 shares of the software maker's stock valued at $6,068,000 after acquiring an additional 1,664 shares in the last quarter. Institutional investors and hedge funds 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.