Shopify Inc. (NYSE:SHOP) (TSE:SHOP) was downgraded by research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Tuesday. They currently have a $122.39 price target on the software maker’s stock. Vetr‘s target price indicates a potential upside of 10.85% from the company’s previous close.

Several other analysts also recently issued reports on SHOP. Wedbush restated an “ourperform” rating on shares of Shopify in a report on Wednesday, August 2nd. Robert W. Baird restated a “buy” rating and set a $110.00 price objective on shares of Shopify in a report on Friday, September 29th. Piper Jaffray Companies boosted their price objective on Shopify from $110.00 to $120.00 in a report on Tuesday, October 31st. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Shopify in a report on Wednesday, August 9th. Finally, Roth Capital boosted their price objective on Shopify from $117.00 to $119.00 and gave the stock a “buy” rating in a report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-two have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $100.70.

Shares of Shopify (NYSE:SHOP) opened at $110.41 on Tuesday. Shopify has a 1-year low of $38.69 and a 1-year high of $123.94. The company has a quick ratio of 10.64, a current ratio of 10.64 and a debt-to-equity ratio of 0.02.

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A number of large investors have recently added to or reduced their stakes in SHOP. Seven Bridges Advisors LLC acquired a new position in Shopify in the second quarter worth approximately $120,000. Advisory Services Network LLC increased its holdings in Shopify by 26.6% in the second quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock worth $123,000 after buying an additional 298 shares during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in Shopify in the second quarter worth approximately $135,000. Sterling Investment Advisors Ltd. increased its holdings in Shopify by 100.0% in the second quarter. Sterling Investment Advisors Ltd. now owns 2,000 shares of the software maker’s stock worth $174,000 after buying an additional 1,000 shares during the last quarter. Finally, Wedbush Securities Inc. acquired a new position in Shopify in the second quarter worth approximately $212,000. Hedge funds and other institutional investors own 54.48% of the company’s stock.

About Shopify

Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.

Analyst Recommendations for Shopify (NYSE:SHOP)

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