Shopify Inc. (NYSE:SHOP) (TSE:SH) had its price objective hoisted by equities research analysts at Monness Crespi & Hardt from $50.00 to $63.00 in a research report issued on Monday. The brokerage presently has a “buy” rating on the stock. Monness Crespi & Hardt’s price objective would suggest a potential upside of 14.09% from the stock’s previous close.
Several other research analysts also recently issued reports on the stock. Dundee Securities started coverage on shares of Shopify in a research report on Monday, October 17th. They set a “neutral” rating and a $45.00 price objective on the stock. Rosenblatt Securities started coverage on shares of Shopify in a research report on Wednesday, October 19th. They set a “buy” rating and a $50.00 price objective on the stock. Roth Capital set a $49.00 price objective on shares of Shopify and gave the stock a “buy” rating in a research report on Tuesday, October 25th. Zacks Investment Research raised shares of Shopify from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Friday, October 28th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $50.00 target price on shares of Shopify in a report on Wednesday, November 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $50.13.
Shares of Shopify (NYSE:SHOP) traded up 2.14% on Monday, hitting $56.40. The stock had a trading volume of 840,796 shares. The firm’s 50-day moving average price is $48.94 and its 200 day moving average price is $43.00. Shopify has a 12 month low of $18.58 and a 12 month high of $57.16. The firm’s market cap is $5.02 billion.
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Several hedge funds have recently modified their holdings of SHOP. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its stake in shares of Shopify by 1.4% in the third quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 28,430 shares of the company’s stock worth $1,220,000 after buying an additional 390 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Shopify by 1.6% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 44,800 shares of the company’s stock worth $1,921,000 after buying an additional 700 shares during the period. Bank of Montreal Can boosted its stake in shares of Shopify by 0.6% in the third quarter. Bank of Montreal Can now owns 317,588 shares of the company’s stock worth $13,631,000 after buying an additional 1,870 shares during the period. Fusion Family Wealth LLC acquired a new stake in shares of Shopify during the fourth quarter worth $108,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Shopify by 120.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,176 shares of the company’s stock worth $179,000 after buying an additional 2,280 shares during the period. 69.10% of the stock is currently owned by institutional investors.
Shopify Company Profile
Shopify Inc is a Canada-based company engaged in the offering cloud-based, multi-channel commerce platform. The Company’s platform is designed for small and medium-sized businesses. Using a single interface, the Company’s merchants can design, set up and manage their business across multiple sales channels, including Web and mobile storefronts, social media storefronts and physical retail locations.
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