Shopify Inc. (NYSE:SHOP) Receives $115.66 Average Price Target from Analysts

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) has been given an average recommendation of “Moderate Buy” by the forty-two research firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, fourteen have assigned a hold recommendation, twenty-five have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $115.66.

A number of analysts have issued reports on the stock. KeyCorp cut their price target on shares of Shopify from $140.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Atb Cap Markets raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 8th. Capital One Financial upgraded shares of Shopify from an “equal weight” rating to an “overweight” rating in a research note on Thursday, May 8th. Oppenheimer reduced their price objective on Shopify from $150.00 to $125.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Finally, Morgan Stanley lifted their target price on Shopify from $106.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, May 9th.

Institutional Investors Weigh In On Shopify

Several large investors have recently modified their holdings of SHOP. McLean Asset Management Corp purchased a new stake in Shopify in the 2nd quarter valued at $215,000. Doliver Advisors LP grew its position in Shopify by 2.5% during the 2nd quarter. Doliver Advisors LP now owns 7,548 shares of the software maker’s stock worth $871,000 after purchasing an additional 183 shares during the last quarter. Jacobs & Co. CA acquired a new position in Shopify in the second quarter valued at $285,000. Confluence Investment Management LLC raised its holdings in shares of Shopify by 3.0% in the second quarter. Confluence Investment Management LLC now owns 8,366 shares of the software maker’s stock valued at $965,000 after buying an additional 240 shares during the last quarter. Finally, Cim LLC boosted its stake in shares of Shopify by 1.3% during the first quarter. Cim LLC now owns 12,512 shares of the software maker’s stock worth $1,194,000 after buying an additional 160 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Up 2.4%

SHOP opened at $117.50 on Wednesday. Shopify has a 52 week low of $48.56 and a 52 week high of $129.38. The business has a fifty day simple moving average of $106.22 and a 200-day simple moving average of $104.77. The firm has a market cap of $152.44 billion, a P/E ratio of 75.81, a P/E/G ratio of 4.82 and a beta of 2.63.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.