Shopify (NYSE:SHOP) Price Target Raised to $600.00 at Wells Fargo & Co

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by Wells Fargo & Co from $400.00 to $600.00 in a report released on Thursday, The Fly reports. Wells Fargo & Co currently has an overweight rating on the software maker’s stock.

Other equities research analysts also recently issued research reports about the company. Mizuho initiated coverage on Shopify in a research report on Thursday, January 9th. They set a neutral rating and a $410.00 price objective on the stock. Pi Financial raised Shopify from a neutral rating to a buy rating in a research report on Wednesday. KeyCorp raised their price objective on Shopify from $485.00 to $575.00 and gave the company an overweight rating in a research report on Thursday. CIBC reaffirmed a hold rating and set a $525.00 price objective on shares of Shopify in a research report on Wednesday, January 22nd. Finally, Roth Capital raised their price objective on Shopify from $330.00 to $390.00 and gave the company a neutral rating in a research report on Wednesday, January 22nd. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fourteen have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $460.46.

SHOP stock traded down $1.75 during trading on Thursday, reaching $531.22. 2,206,751 shares of the company traded hands, compared to its average volume of 2,173,423. Shopify has a 12 month low of $173.71 and a 12 month high of $593.89. The business has a 50 day simple moving average of $449.15 and a 200 day simple moving average of $368.66. The company 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.

Institutional investors have recently added to or reduced their stakes in the business. Ascent Wealth Partners LLC raised its stake in Shopify by 13.8% in the third quarter. Ascent Wealth Partners LLC now owns 5,962 shares of the software maker’s stock valued at $1,858,000 after buying an additional 721 shares during the last quarter. Highland Capital Management LLC purchased a new position in shares of Shopify in the third quarter worth about $254,000. Meridian Wealth Management LLC raised its stake in shares of Shopify by 39.9% in the fourth quarter. Meridian Wealth Management LLC now owns 1,140 shares of the software maker’s stock worth $453,000 after purchasing an additional 325 shares during the last quarter. Evoke Wealth LLC purchased a new position in shares of Shopify in the third quarter worth about $57,000. Finally, Appleton Partners Inc. MA purchased a new position in shares of Shopify in the fourth quarter worth about $240,000. Institutional investors own 57.36% of the company’s stock.

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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