Shopify’s (SHOP) Positive Rating Reaffirmed at DA Davidson

DA Davidson reaffirmed their positive rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research report sent to investors on Thursday, The Fly reports. They currently have a $675.00 price target on the software maker’s stock.

Other equities research analysts also recently issued reports about the company. Pi Financial upgraded Shopify from a neutral rating to a buy rating in a research report on Wednesday. Royal Bank of Canada upped their price objective on Shopify from $400.00 to $650.00 and gave the company an outperform rating in a research report on Wednesday. SunTrust Banks upped their price objective on Shopify from $340.00 to $585.00 and gave the company a hold rating in a research report on Thursday. Wedbush upped their price objective on Shopify from $325.00 to $475.00 and gave the company a neutral rating in a research report on Thursday. They noted that the move was a valuation call. Finally, Barclays restated a hold rating and set a $420.00 price objective on shares of Shopify in a research report on Sunday, January 26th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and fourteen have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $460.46.

Shares of NYSE:SHOP traded down $1.75 during mid-day 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 company has a current ratio of 11.21, a quick ratio of 11.21 and a debt-to-equity ratio of 0.04. The company has a market cap of $56.71 billion, a P/E ratio of -470.11 and a beta of 1.19. Shopify has a 1 year low of $173.71 and a 1 year high of $593.89. The business’s 50 day moving average price is $449.15 and its 200 day moving average price is $368.66.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisory Alpha LLC grew its stake in shares of Shopify by 8.2% during the fourth quarter. Advisory Alpha LLC now owns 263 shares of the software maker’s stock valued at $116,000 after buying an additional 20 shares during the last quarter. First Republic Investment Management Inc. grew its stake in shares of Shopify by 12.1% during the fourth quarter. First Republic Investment Management Inc. now owns 19,666 shares of the software maker’s stock valued at $7,818,000 after buying an additional 2,117 shares during the last quarter. Ancora Advisors LLC grew its stake in shares of Shopify by 12.5% during the fourth quarter. Ancora Advisors LLC now owns 2,345 shares of the software maker’s stock valued at $933,000 after buying an additional 260 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Shopify by 10.7% during the fourth quarter. Bank of America Corp DE now owns 191,431 shares of the software maker’s stock valued at $76,109,000 after buying an additional 18,430 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Shopify by 24.5% during 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 last quarter. 57.36% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Shopify (NYSE:SHOP)

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