Royal Bank of Canada Increases Shopify (NYSE:SHOP) Price Target to $650.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective hoisted by research analysts at Royal Bank of Canada from $400.00 to $650.00 in a report issued on Wednesday, BenzingaRatingsTable reports. The firm currently has an “outperform” rating on the software maker’s stock. Royal Bank of Canada’s price target indicates a potential upside of 21.96% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Roth Capital lifted their target price on shares of Shopify from $330.00 to $390.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 22nd. KeyCorp lifted their target price on shares of Shopify from $385.00 to $485.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. CIBC restated a “hold” rating and set a $525.00 target price on shares of Shopify in a research report on Wednesday, January 22nd. Guggenheim restated a “hold” rating on shares of Shopify in a research report on Tuesday, December 3rd. Finally, Robert W. Baird lifted their target price on shares of Shopify from to in a research report on Tuesday, January 21st. Three equities research 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 price target of $460.46.

Shares of SHOP opened at $532.97 on Wednesday. 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 stock has a market cap of $56.71 billion, a P/E ratio of -471.65 and a beta of 1.19. The company has a 50-day moving average of $449.15 and a two-hundred day moving average of $368.66. Shopify has a 12-month low of $169.56 and a 12-month high of $593.89.

Several large investors have recently bought and sold shares of SHOP. Pacifica Partners Inc. acquired a new position in shares of Shopify in the fourth quarter valued at approximately $29,000. Sugarloaf Wealth Management LLC acquired a new position in shares of Shopify in the fourth quarter valued at approximately $34,000. Gs Investments Inc. raised its position in shares of Shopify by 178.6% in the third quarter. Gs Investments Inc. now owns 117 shares of the software maker’s stock valued at $36,000 after buying an additional 75 shares during the last quarter. PSI Advisors LLC acquired a new position in shares of Shopify in the fourth quarter valued at approximately $39,000. Finally, Firestone Capital Management acquired a new position in shares of Shopify in the fourth quarter valued at approximately $40,000. 57.36% of the stock is owned by institutional investors and hedge funds.

About Shopify

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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