Shopify (NYSE:SHOP) Upgraded to “Outperform” at Oppenheimer
Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by research analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a research note issued to investors on Thursday, The Fly reports.
Several other brokerages also recently issued reports on SHOP. Robert W. Baird raised their price target on Shopify from $1,200.00 to $1,250.00 in a report on Friday, October 30th. ValuEngine downgraded Shopify from a “buy” rating to a “hold” rating in a report on Tuesday, December 1st. BidaskClub downgraded Shopify from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 6th. Zacks Investment Research raised Shopify from a “hold” rating to a “strong-buy” rating and set a $1,319.00 target price on the stock in a research note on Tuesday, December 29th. Finally, The Goldman Sachs Group lifted their target price on Shopify from $1,318.00 to $1,323.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $1,058.93.
NYSE:SHOP opened at $1,199.82 on Thursday. The business’s 50 day moving average is $1,124.13 and its two-hundred day moving average is $1,028.47. Shopify has a 52 week low of $305.30 and a 52 week high of $1,285.19. The company has a market cap of $146.27 billion, a PE ratio of -1,966.89, a P/E/G ratio of 96.18 and a beta of 1.48.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Pacific Wealth Strategies Group Inc. grew its position in Shopify by 226.6% in the fourth quarter. Pacific Wealth Strategies Group Inc. now owns 1,228 shares of the software maker’s stock valued at $1,460,000 after purchasing an additional 852 shares in the last quarter. Sonora Investment Management LLC bought a new position in shares of Shopify in the 4th quarter valued at about $57,000. Harrington Investments INC grew its position in shares of Shopify by 1.9% in the 4th quarter. Harrington Investments INC now owns 489 shares of the software maker’s stock valued at $554,000 after acquiring an additional 9 shares during the period. OneAscent Financial Services LLC grew its position in shares of Shopify by 13.3% in the 4th quarter. OneAscent Financial Services LLC now owns 978 shares of the software maker’s stock valued at $1,107,000 after acquiring an additional 115 shares during the period. Finally, Livingston Group Asset Management CO operating as Southport Capital Management bought a new position in shares of Shopify in the 4th quarter valued at about $206,000. Hedge funds and other institutional investors own 59.45% of the company’s stock.
Shopify Company Profile
Shopify Inc, a commerce company, 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, fulfill and ship orders, build customer relationships, source products, leverage analytics and reporting, and access financing.
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