Shopify (NASDAQ:SHOP) Rating Increased to Strong-Buy at DZ Bank

Shopify (NASDAQ:SHOP) (TSE:SHOP) was upgraded by stock analysts at DZ Bank from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

Several other brokerages have also commented on SHOP. Evercore set a $135.00 price target on Shopify in a research note on Wednesday, February 11th. Moffett Nathanson upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $150.00 target price on the stock in a research note on Monday, February 9th. Citigroup reiterated a “buy” rating and set a $172.00 target price (down previously from $195.00) on shares of Shopify in a research report on Friday. Oppenheimer reissued an “outperform” rating on shares of Shopify in a report on Monday, December 1st. Finally, DA Davidson upped their price objective on shares of Shopify from $185.00 to $195.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $162.64.

Shopify Trading Up 0.7%

Shares of NASDAQ SHOP opened at $113.54 on Monday. The firm has a market capitalization of $147.81 billion, a price-to-earnings ratio of 122.09, a PEG ratio of 3.96 and a beta of 2.83. Shopify has a one year low of $69.84 and a one year high of $182.19. The business has a fifty day simple moving average of $148.47 and a 200 day simple moving average of $150.91.

Institutional Trading of Shopify

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Shopify by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after acquiring an additional 743,803 shares in the last quarter. Jennison Associates LLC boosted its stake in Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after purchasing an additional 7,403,821 shares during the period. Norges Bank acquired a new position in Shopify in the 4th quarter worth $2,611,797,000. Loomis Sayles & Co. L P increased its holdings in Shopify by 1.3% during the 2nd quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock worth $1,686,738,000 after purchasing an additional 191,824 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Shopify by 6.2% in the 4th quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock valued at $2,043,365,000 after purchasing an additional 737,892 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.