Shopify (NYSE:SHOP) Price Target Raised to $120.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective raised by equities researchers at Robert W. Baird from $110.00 to $120.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the software maker’s stock. Robert W. Baird’s price objective indicates a potential upside of 4.30% from the company’s current price.

A number of other research analysts have also recently weighed in on SHOP. Loop Capital cut their price objective on shares of Shopify from $150.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. National Bankshares dropped their price target on shares of Shopify from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Friday, April 25th. Wedbush reissued an “outperform” rating and issued a $110.00 price objective on shares of Shopify in a research report on Tuesday, April 15th. Barclays decreased their price objective on shares of Shopify from $100.00 to $94.00 and set an “equal weight” rating for the company in a research note on Friday, May 9th. Finally, Truist Financial cut their target price on Shopify from $120.00 to $100.00 and set a “hold” rating on the stock in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $115.63.

Shopify Stock Performance

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

Institutional Investors Weigh In On Shopify

A number of hedge funds have recently made changes to their positions in SHOP. Family Legacy Financial Solutions LLC bought a new position in Shopify in the second quarter worth about $25,000. Allianz SE purchased a new position in shares of Shopify in the 4th quarter worth approximately $27,000. Fourth Dimension Wealth LLC bought a new position in shares of Shopify during the 4th quarter worth approximately $30,000. Smithfield Trust Co lifted its position in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after acquiring an additional 188 shares during the last quarter. Finally, Dagco Inc. purchased a new stake in Shopify during the first quarter valued at approximately $30,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Company Profile

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.