Shopify (NYSE:SHOP) Price Target Raised to $93.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective upped by Barclays from $70.00 to $93.00 in a report published on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the software maker’s stock.

A number of other research firms also recently commented on SHOP. Oppenheimer increased their price objective on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday. Wells Fargo & Company boosted their price objective on Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Morgan Stanley lifted their target price on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Finally, Mizuho lifted their price objective on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $94.95.

Shopify Price Performance

SHOP stock opened at $108.49 on Wednesday. The company has a market capitalization of $139.99 billion, a PE ratio of 101.39, a P/E/G ratio of 3.45 and a beta of 2.36. The company has a quick ratio of 7.32, a current ratio of 7.10 and a debt-to-equity ratio of 0.10. The stock’s 50 day moving average is $81.97 and its two-hundred day moving average is $71.02. Shopify has a 52-week low of $48.56 and a 52-week high of $115.62.

Hedge Funds Weigh In On Shopify

Several hedge funds have recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group grew its stake in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new stake in shares of Shopify in the second quarter valued at $33,000. Hazlett Burt & Watson Inc. acquired a new stake in Shopify during the 2nd quarter worth about $33,000. Brooklyn Investment Group purchased a new position in Shopify during the third quarter valued at approximately $33,000. Finally, Rosenberg Matthew Hamilton boosted its position in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.