Mackie reissued their buy rating on shares of Shopify Inc (US) (NYSE:SHOP) (TSE:SH) in a research report report published on Sunday. Mackie currently has a $95.00 target price on the software maker’s stock, up from their previous target price of $70.00.

Other research analysts also recently issued reports about the stock. Wedbush restated an outperform rating and issued a $85.00 target price (up from $75.00) on shares of Shopify Inc (US) in a research note on Friday. Vetr upgraded shares of Shopify Inc (US) from a hold rating to a strong-buy rating and set a $70.45 target price for the company in a research note on Thursday, February 16th. Barclays PLC assumed coverage on shares of Shopify Inc (US) in a research note on Tuesday, March 28th. They issued an equal weight rating and a $64.00 target price for the company. BTIG Research restated a buy rating and issued a $65.00 target price (up from $55.00) on shares of Shopify Inc (US) in a research note on Monday, February 13th. Finally, Royal Bank of Canada restated a buy rating and issued a $63.00 target price (up from $52.00) on shares of Shopify Inc (US) in a research note on Monday, February 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. Shopify Inc (US) currently has an average rating of Buy and an average target price of $61.48.

Shopify Inc (NYSE:SHOP) traded up 0.42% during mid-day trading on Friday, reaching $76.38. 1,778,587 shares of the company traded hands. The stock has a 50-day moving average of $67.83 and a 200 day moving average of $51.90. The stock’s market capitalization is $6.85 billion. Shopify Inc has a 52-week low of $24.96 and a 52-week high of $77.79.

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Several hedge funds have recently added to or reduced their stakes in SHOP. FMR LLC boosted its stake in Shopify Inc (US) by 0.6% in the fourth quarter. FMR LLC now owns 11,400,390 shares of the software maker’s stock worth $488,735,000 after buying an additional 72,765 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Shopify Inc (US) by 53.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,635,131 shares of the software maker’s stock worth $70,033,000 after buying an additional 569,800 shares during the period. Putnam Investments LLC boosted its stake in Shopify Inc (US) by 0.6% in the fourth quarter. Putnam Investments LLC now owns 1,508,633 shares of the software maker’s stock worth $64,675,000 after buying an additional 8,377 shares during the period. Whale Rock Capital Management LLC boosted its stake in Shopify Inc (US) by 41.8% in the third quarter. Whale Rock Capital Management LLC now owns 1,402,861 shares of the software maker’s stock worth $60,211,000 after buying an additional 413,323 shares during the period. Finally, Scge Management L.P. purchased a new stake in Shopify Inc (US) during the fourth quarter worth $37,297,000. 69.10% of the stock is currently owned by institutional investors and hedge funds.

About Shopify Inc (US)

Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.

5 Day Chart for NYSE:SHOP

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