Shopify (NYSE:SHOP) Raised to “Buy” at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a neutral rating to a buy rating in a research report released on Wednesday, Marketbeat Ratings reports. The firm currently has $74.00 target price on the software maker’s stock, up from their prior target price of $67.00.

Several other analysts have also commented on the company. Wells Fargo & Company dropped their target price on Shopify from $85.00 to $75.00 and set an overweight rating on the stock in a report on Thursday, May 9th. Wedbush reiterated a neutral rating and issued a $68.00 target price on shares of Shopify in a research note on Tuesday, February 13th. Atb Cap Markets raised shares of Shopify from a sector perform rating to an outperform rating in a report on Wednesday, May 8th. JMP Securities upgraded shares of Shopify from a market perform rating to an outperform rating and set a $80.00 price objective for the company in a research report on Thursday, May 9th. Finally, UBS Group raised their target price on Shopify from $75.00 to $80.00 and gave the company a neutral rating in a research report on Wednesday, February 14th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $77.06.

Shopify Stock Down 1.2 %

NYSE SHOP opened at $56.96 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57. The stock’s fifty day moving average price is $70.27 and its 200 day moving average price is $74.12.

Institutional Investors Weigh In On Shopify

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SHOP. GQG Partners LLC raised its holdings in shares of Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after buying an additional 13,885,473 shares during the period. Norges Bank acquired a new stake in shares of Shopify in the 4th quarter valued at about $1,049,089,000. Capital World Investors raised its stake in Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after acquiring an additional 10,340,040 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after acquiring an additional 5,982,434 shares during the last quarter. Finally, Artisan Partners Limited Partnership raised its stake in Shopify by 78.4% during the 3rd quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock valued at $262,462,000 after acquiring an additional 2,113,773 shares during the last quarter. Hedge funds and other institutional investors 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.