Shopify Inc. (NASDAQ:SHOP) Given Consensus Rating of “Moderate Buy” by Analysts

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) has earned an average recommendation of “Moderate Buy” from the forty-four brokerages that are covering the company, Marketbeat.com reports. Ten analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and three have issued a strong buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $162.7027.

SHOP has been the topic of several analyst reports. Wells Fargo & Company decreased their price objective on Shopify from $191.00 to $166.00 and set an “overweight” rating on the stock in a report on Monday. KeyCorp reiterated an “overweight” rating and issued a $160.00 price objective on shares of Shopify in a report on Wednesday, February 11th. Moffett Nathanson upgraded Shopify from a “neutral” rating to a “buy” rating and set a $150.00 price objective on the stock in a report on Monday, February 9th. Scotiabank upgraded Shopify from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $165.00 to $200.00 in a report on Thursday, January 8th. Finally, Mizuho upgraded Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 price objective on the stock in a report on Thursday, February 12th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Twin Peaks Wealth Advisors LLC increased its holdings in Shopify by 1.7% during the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker’s stock valued at $512,000 after purchasing an additional 59 shares during the period. Accurate Wealth Management LLC increased its holdings in Shopify by 2.0% during the 3rd quarter. Accurate Wealth Management LLC now owns 3,438 shares of the software maker’s stock valued at $526,000 after purchasing an additional 67 shares during the period. Moloney Securities Asset Management LLC increased its holdings in Shopify by 1.8% during the 3rd quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock valued at $587,000 after purchasing an additional 70 shares during the period. Sivia Capital Partners LLC increased its holdings in Shopify by 0.9% during the 3rd quarter. Sivia Capital Partners LLC now owns 8,265 shares of the software maker’s stock valued at $1,228,000 after purchasing an additional 75 shares during the period. Finally, Seros Financial LLC increased its holdings in Shopify by 2.7% during the 3rd quarter. Seros Financial LLC now owns 2,856 shares of the software maker’s stock valued at $424,000 after purchasing an additional 75 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 6.4%

SHOP opened at $112.38 on Friday. The company has a market cap of $146.56 billion, a P/E ratio of 120.84, a P/E/G ratio of 4.26 and a beta of 2.82. The business’s 50-day moving average price is $120.76 and its 200-day moving average price is $145.21. Shopify has a 12 month low of $78.00 and a 12 month high of $182.19.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.