Bank of America Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Key Points

• Bank of America has raised its target price for Shopify (NYSE:SHOP) from $110.00 to $185.00, indicating a potential upside of 22.98% from its previous close.
• In addition to Bank of America, several other analysts have also upgraded their target prices for Shopify, with JMP Securities and Goldman Sachs setting targets at $185.00 and $176.00, respectively.
• Despite the positive outlook from analysts, Shopify's shares experienced a 2.9% decline, closing at $150.43.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its target price upped by research analysts at Bank of America from $110.00 to $185.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the software maker's stock. Bank of America's target price suggests a potential upside of 22.98% from the company's previous close.

A number of other equities analysts also recently commented on SHOP. JMP Securities lifted their target price on shares of Shopify from $135.00 to $185.00 and gave the stock a "market outperform" rating in a research note on Thursday. Wells Fargo & Company upped their price target on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. KeyCorp reissued an "overweight" rating and issued a $175.00 target price (up from $145.00) on shares of Shopify in a report on Thursday. The Goldman Sachs Group increased their target price on shares of Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Scotiabank reissued a "sector perform" rating and issued a $150.00 price target (up from $115.00) on shares of Shopify in a report on Thursday. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus price target of $143.05.

Shopify Stock Down 2.9%

Shares of Shopify stock traded down $4.47 on Thursday, reaching $150.43. The company's stock had a trading volume of 13,627,931 shares, compared to its average volume of 10,539,885. Shopify has a 52-week low of $63.91 and a 52-week high of $156.85. The company has a market capitalization of $195.16 billion, a P/E ratio of 97.05, a PEG ratio of 4.82 and a beta of 2.63. The stock has a 50-day moving average price of $115.74 and a 200-day moving average price of $107.22.

Hedge Funds Weigh In On Shopify

Several institutional investors and hedge funds have recently bought and sold shares of the business. Mather Group LLC. increased its holdings in shares of Shopify by 127.4% during the 1st quarter. Mather Group LLC. now owns 912 shares of the software maker's stock valued at $87,000 after acquiring an additional 511 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new position in shares of Shopify in the first quarter valued at approximately $382,000. GAMMA Investing LLC lifted its stake in shares of Shopify by 80.0% in the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock worth $92,000 after buying an additional 428 shares during the last quarter. Bessemer Group Inc. lifted its stake in shares of Shopify by 3.8% in the first quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock worth $101,163,000 after buying an additional 38,616 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in Shopify by 1.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock valued at $3,694,000 after buying an additional 432 shares during the last quarter. Hedge funds and other 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.

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