Shopify (NYSE:SHOP) Reaches New 12-Month High – Here’s Why

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) hit a new 52-week high on Thursday . The stock traded as high as $122.81 and last traded at $121.08, with a volume of 443140 shares changing hands. The stock had previously closed at $121.73.

Analyst Ratings Changes

A number of brokerages have commented on SHOP. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and lifted their target price for the stock from $110.00 to $140.00 in a research note on Friday, December 6th. Barclays increased their price target on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. Piper Sandler upped their target price on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Scotiabank upped their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. Finally, Robert W. Baird lifted their target price on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $100.32.

Shopify Trading Down 1.1 %

The company has a fifty day moving average of $110.88 and a two-hundred day moving average of $90.15. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $151.60 billion, a price-to-earnings ratio of 109.65, a P/E/G ratio of 2.49 and a beta of 2.47.

Institutional Trading of Shopify

Hedge funds have recently made changes to their positions in the company. PFG Private Wealth Management LLC boosted its holdings in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares in the last quarter. Brooklyn Investment Group purchased a new position in Shopify in the third quarter worth $33,000. Rosenberg Matthew Hamilton lifted its holdings in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the period. New Wave Wealth Advisors LLC purchased a new stake in shares of Shopify during the 4th quarter worth $39,000. Finally, Mather Group LLC. grew its stake in shares of Shopify by 84.8% during the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after purchasing an additional 184 shares during the period. 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.