Shopify (NYSE:SHOP) Coverage Initiated by Analysts at Needham & Company LLC

Needham & Company LLC assumed coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The firm set a “buy” rating and a $135.00 price target on the software maker’s stock. Needham & Company LLC’s price target would suggest a potential upside of 17.34% from the stock’s previous close.

Several other equities analysts have also recently commented on the stock. Benchmark reduced their price objective on shares of Shopify from $150.00 to $125.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. UBS Group decreased their price target on shares of Shopify from $125.00 to $110.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. BNP Paribas Exane downgraded Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 price objective on the stock. in a research report on Monday, May 5th. Wells Fargo & Company boosted their target price on Shopify from $107.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Finally, National Bankshares decreased their target price on Shopify from $140.00 to $120.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.63.

Shopify Stock Down 1.4%

Shares of SHOP opened at $115.05 on Monday. Shopify has a twelve month low of $48.56 and a twelve month high of $129.38. The stock has a market cap of $149.26 billion, a PE ratio of 74.23, a P/E/G ratio of 4.82 and a beta of 2.61. The business’s 50-day moving average price is $108.65 and its 200-day moving average price is $105.00.

Institutional Trading of Shopify

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Brighton Jones LLC grew its stake in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after purchasing an additional 584 shares during the last quarter. Frank Rimerman Advisors LLC purchased a new stake in Shopify in the 4th quarter worth approximately $259,000. Choate Investment Advisors bought a new stake in shares of Shopify in the 4th quarter worth approximately $593,000. Envestnet Portfolio Solutions Inc. increased its stake in shares of Shopify by 31.1% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 47,356 shares of the software maker’s stock valued at $5,035,000 after buying an additional 11,232 shares during the period. Finally, Facet Wealth Inc. bought a new position in shares of Shopify during the fourth quarter valued at approximately $207,000. Institutional investors own 69.27% of the company’s stock.

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.