Analysts Set Shopify Inc. (NYSE:SHOP) Price Target at $119.16

Shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) have received a consensus rating of “Moderate Buy” from the forty-three analysts that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $120.34.

Several research analysts have recently issued reports on SHOP shares. Capital One Financial upgraded shares of Shopify from an “equal weight” rating to an “overweight” rating in a report on Thursday, May 8th. Truist Financial cut their target price on shares of Shopify from $120.00 to $100.00 and set a “hold” rating on the stock in a report on Tuesday, May 6th. Robert W. Baird lifted their price target on shares of Shopify from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, July 14th. The Goldman Sachs Group cut their price target on shares of Shopify from $150.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Finally, KeyCorp lifted their price target on shares of Shopify from $115.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 22nd.

Shopify Stock Performance

Shares of Shopify stock opened at $124.85 on Friday. Shopify has a 52-week low of $48.56 and a 52-week high of $129.38. The stock has a market capitalization of $161.98 billion, a price-to-earnings ratio of 80.55, a P/E/G ratio of 4.82 and a beta of 2.61. The company’s 50 day moving average price is $112.77 and its 200-day moving average price is $106.18.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently bought and sold shares of SHOP. LRI Investments LLC lifted its stake in Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock valued at $94,000 after acquiring an additional 79 shares during the period. Hummer Financial Advisory Services Inc lifted its stake in Shopify by 3.8% during the 2nd quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock valued at $299,000 after acquiring an additional 95 shares during the period. Salem Investment Counselors Inc. lifted its stake in Shopify by 16.7% during the 2nd quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker’s stock valued at $81,000 after acquiring an additional 100 shares during the period. Moseley Investment Management Inc. lifted its stake in Shopify by 2.8% during the 2nd quarter. Moseley Investment Management Inc. now owns 3,674 shares of the software maker’s stock valued at $424,000 after acquiring an additional 100 shares during the period. Finally, Tradewinds Capital Management LLC lifted its stake in Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after acquiring an additional 100 shares during the period. Institutional investors own 69.27% of the company’s stock.

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.