Shopify (NYSE:SHOP) Hits New 12-Month High – Here’s What Happened

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $115.82 and last traded at $115.81, with a volume of 2784628 shares changing hands. The stock had previously closed at $112.54.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SHOP. Evercore lifted their price target on Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Morgan Stanley lifted their target price on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target for the company in a research report on Tuesday, September 17th. Wells Fargo & Company lifted their price objective on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Canaccord Genuity Group increased their target price on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $95.84.

Shopify Stock Up 2.7 %

The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The company has a fifty day moving average price of $89.16 and a 200 day moving average price of $73.96. The company has a market cap of $149.37 billion, a PE ratio of 108.04, a price-to-earnings-growth ratio of 2.96 and a beta of 2.36.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently bought and sold shares of the stock. Swiss National Bank lifted its holdings in shares of Shopify by 0.9% during the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after acquiring an additional 33,300 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after purchasing an additional 7,027 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its holdings in shares of Shopify by 4.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock worth $381,000 after purchasing an additional 209 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Shopify by 6.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,416,436 shares of the software maker’s stock valued at $193,802,000 after purchasing an additional 136,530 shares during the last quarter. Finally, FMR LLC increased its position in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

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.