Shopify (NASDAQ:SHOP) Upgraded at Phillip Securities

Phillip Securities upgraded shares of Shopify (NASDAQ:SHOP) (TSE:SHOP) from a hold rating to a strong-buy rating in a report issued on Wednesday morning,Zacks.com reports.

A number of other analysts have also recently commented on SHOP. Royal Bank Of Canada set a $170.00 price target on shares of Shopify and gave the company an “outperform” rating in a research note on Thursday, February 12th. Wells Fargo & Company set a $191.00 target price on shares of Shopify and gave the company an “overweight” rating in a report on Thursday, February 12th. Citigroup reaffirmed a “buy” rating and issued a $172.00 price target (down from $195.00) on shares of Shopify in a report on Friday, February 13th. Mizuho upgraded Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 price objective on the stock in a research note on Thursday, February 12th. Finally, KeyCorp reissued an “overweight” rating and set a $160.00 price objective on shares of Shopify in a report on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $162.64.

Shopify Stock Performance

Shares of SHOP opened at $126.20 on Wednesday. Shopify has a fifty-two week low of $69.84 and a fifty-two week high of $182.19. The business has a 50-day moving average of $145.96 and a 200 day moving average of $150.53. The firm has a market cap of $164.29 billion, a P/E ratio of 135.70, a price-to-earnings-growth ratio of 4.51 and a beta of 2.83.

Institutional Trading of Shopify

Several institutional investors and hedge funds have recently modified their holdings of the business. Brighton Jones LLC raised its stake in Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after purchasing an additional 584 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Shopify by 107.3% in the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after buying an additional 7,544 shares during the last quarter. Sivia Capital Partners LLC raised its position in shares of Shopify by 6.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after buying an additional 506 shares in the last quarter. Whittier Trust Co. lifted its holdings in shares of Shopify by 2.0% during the 2nd quarter. Whittier Trust Co. now owns 5,373 shares of the software maker’s stock worth $620,000 after acquiring an additional 106 shares during the last quarter. Finally, Cullen Frost Bankers Inc. lifted its holdings in shares of Shopify by 407.8% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 980 shares of the software maker’s stock worth $113,000 after acquiring an additional 787 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.