Shopify (NYSE:SHOP) Given New $475.00 Price Target at Wedbush

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Shopify (NYSE:SHOP) (TSE:SHOP) had its price target upped by Wedbush from $325.00 to $475.00 in a research note published on Thursday morning, The Fly reports. The brokerage currently has a neutral rating on the software maker’s stock. The analysts noted that the move was a valuation call.

A number of other equities research analysts have also commented on the stock. Zacks Investment Research raised shares of Shopify from a hold rating to a buy rating and set a $495.00 price objective on the stock in a research note on Wednesday, January 22nd. Royal Bank of Canada upped their price objective on shares of Shopify from $400.00 to $650.00 and gave the company an outperform rating in a research note on Wednesday. Credit Suisse Group downgraded shares of Shopify from an outperform rating to a neutral rating and boosted their target price for the company from $450.00 to $575.00 in a research report on Wednesday. They noted that the move was a valuation call. Raymond James reiterated an outperform rating and set a $600.00 target price (up previously from $365.00) on shares of Shopify in a research report on Wednesday. Finally, Guggenheim reiterated a hold rating on shares of Shopify in a research report on Tuesday, December 3rd. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fourteen have given a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $460.46.

Shares of NYSE:SHOP traded down $1.75 during trading on Thursday, reaching $531.22. The stock had a trading volume of 2,206,751 shares, compared to its average volume of 2,173,423. The firm’s fifty day moving average is $449.15 and its 200 day moving average is $368.66. The company has a debt-to-equity ratio of 0.04, a quick ratio of 11.21 and a current ratio of 11.21. Shopify has a 52 week low of $173.71 and a 52 week high of $593.89. The stock has a market cap of $56.71 billion, a price-to-earnings ratio of -470.11 and a beta of 1.19.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pacifica Partners Inc. acquired a new position in Shopify during the fourth quarter worth $29,000. Sugarloaf Wealth Management LLC acquired a new position in Shopify during the fourth quarter worth $34,000. PSI Advisors LLC acquired a new position in Shopify during the fourth quarter worth $39,000. Gs Investments Inc. raised its holdings in Shopify by 178.6% during the third quarter. Gs Investments Inc. now owns 117 shares of the software maker’s stock worth $36,000 after buying an additional 75 shares during the last quarter. Finally, Carroll Financial Associates Inc. raised its holdings in Shopify by 294.1% during the fourth quarter. Carroll Financial Associates Inc. now owns 134 shares of the software maker’s stock worth $53,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 57.36% of the company’s stock.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, 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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