Rosenblatt Securities Reiterates “$190.00” Price Target for Shopify (SHOP)
Shopify (NYSE:SHOP) (TSE:SHOP) received a $190.00 target price from research analysts at Rosenblatt Securities in a research report issued on Friday. The brokerage presently has a “buy” rating on the software maker’s stock. Rosenblatt Securities’ price target indicates a potential upside of 42.91% from the stock’s previous close.
Other research analysts have also issued research reports about the company. Roth Capital increased their price target on Shopify from $165.00 to $192.00 and gave the stock a “buy” rating in a research note on Tuesday, July 24th. National Bank Financial increased their price target on Shopify from $160.00 to $180.00 and gave the stock a “$173.26” rating in a research note on Monday, July 23rd. Barclays increased their price target on Shopify from $125.00 to $155.00 and gave the stock an “equal weight” rating in a research note on Monday, July 23rd. They noted that the move was a valuation call. Royal Bank of Canada increased their price target on Shopify from $126.00 to $157.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 26th. Finally, Jefferies Financial Group assumed coverage on Shopify in a report on Monday, October 1st. They set a “hold” rating and a $175.00 price objective for the company. Eight analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $166.59.
Shares of NYSE:SHOP traded down $4.04 during midday trading on Friday, hitting $132.95. The company had a trading volume of 2,829,419 shares, compared to its average volume of 1,892,620. Shopify has a twelve month low of $92.41 and a twelve month high of $176.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 12.89 and a current ratio of 12.89. The stock has a market cap of $14.14 billion, a PE ratio of -316.55 and a beta of 1.16.
A number of institutional investors have recently bought and sold shares of the stock. Resources Investment Advisors Inc. lifted its position in shares of Shopify by 10,257.1% during the second quarter. Resources Investment Advisors Inc. now owns 725 shares of the software maker’s stock worth $106,000 after purchasing an additional 718 shares in the last quarter. Shine Investment Advisory Services Inc. bought a new stake in shares of Shopify during the second quarter worth $159,000. Captrust Financial Advisors increased its position in shares of Shopify by 643.3% during the second quarter. Captrust Financial Advisors now owns 1,115 shares of the software maker’s stock worth $163,000 after acquiring an additional 965 shares in the last quarter. Cornerstone Wealth Management LLC acquired a new position in Shopify during the second quarter worth $165,000. Finally, Parallel Advisors LLC boosted its holdings in Shopify by 839.7% during the second quarter. Parallel Advisors LLC now owns 1,278 shares of the software maker’s stock worth $186,000 after purchasing an additional 1,142 shares during the last quarter. 60.67% of the stock is owned by hedge funds and other institutional investors.
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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