CIBC reiterated their hold rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research report report published on Thursday morning, AnalystRatings.com reports. They currently have a $600.00 target price on the software maker’s stock.

Several other research firms have also recently weighed in on SHOP. Roth Capital boosted their price target on Shopify from $330.00 to $390.00 and gave the stock a neutral rating in a report on Wednesday, January 22nd. Wedbush boosted their price target on Shopify from $325.00 to $475.00 and gave the stock a neutral rating in a report on Thursday. They noted that the move was a valuation call. Wells Fargo & Co boosted their price target on Shopify from $400.00 to $600.00 and gave the stock an overweight rating in a report on Thursday. National Bank Financial boosted their price target on Shopify from $450.00 to $500.00 and gave the stock an outperform rating in a report on Tuesday, January 28th. Finally, Pi Financial upgraded Shopify from a neutral rating to a buy rating in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Shopify currently has an average rating of Hold and an average target price of $460.46.

Shares of NYSE:SHOP traded down $1.75 during midday trading on Thursday, hitting $531.22. 2,206,751 shares of the stock were exchanged, compared to its average volume of 2,173,423. The stock has a market capitalization of $56.71 billion, a price-to-earnings ratio of -470.11 and a beta of 1.19. The company has a debt-to-equity ratio of 0.04, a quick ratio of 11.21 and a current ratio of 11.21. The business’s 50-day moving average price is $449.15 and its 200 day moving average price is $368.66. Shopify has a 12 month low of $173.71 and a 12 month high of $593.89.

Hedge funds have recently made changes to their positions in the stock. WCM Investment Management LLC lifted its stake in Shopify by 1.2% in the fourth quarter. WCM Investment Management LLC now owns 4,759,464 shares of the software maker’s stock valued at $1,892,268,000 after buying an additional 58,372 shares during the period. Jennison Associates LLC lifted its stake in Shopify by 37.2% in the fourth quarter. Jennison Associates LLC now owns 3,210,762 shares of the software maker’s stock valued at $1,276,535,000 after buying an additional 870,046 shares during the period. Bank of New York Mellon Corp lifted its stake in Shopify by 24.5% in the fourth quarter. Bank of New York Mellon Corp now owns 746,622 shares of the software maker’s stock valued at $296,841,000 after buying an additional 146,890 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Shopify by 13.8% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 553,078 shares of the software maker’s stock valued at $219,980,000 after buying an additional 67,141 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC lifted its stake in Shopify by 25.5% in the third quarter. Gilder Gagnon Howe & Co. LLC now owns 472,684 shares of the software maker’s stock valued at $147,317,000 after buying an additional 95,997 shares during the period. Institutional investors and hedge funds own 57.36% of the company’s stock.

About Shopify

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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Analyst Recommendations for Shopify (NYSE:SHOP)

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