Barclays Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Key Points

• Barclays raised its price target for Shopify from $94.00 to $120.00, maintaining an "equal weight" rating on the stock, which indicates potential downside from its current price.
• Multiple brokerages have increased their price targets for Shopify, with DA Davidson now at $125.00, National Bankshares at $140.00, and Oppenheimer at $180.00, showcasing varied bullish sentiment in the market.
• Shopify's stock has performed well recently, with a fifty-two week high of $156.39 and a market capitalization of $197.67 billion, indicating strong institutional interest with hedge funds controlling over 69% of its shares.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price target lifted by equities researchers at Barclays from $94.00 to $120.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "equal weight" rating on the software maker's stock. Barclays's price target would suggest a potential downside of 21.24% from the company's current price.

A number of other brokerages have also weighed in on SHOP. DA Davidson boosted their price objective on shares of Shopify from $115.00 to $125.00 and gave the company a "buy" rating in a report on Monday, June 16th. National Bankshares boosted their target price on shares of Shopify from $120.00 to $140.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Benchmark restated a "buy" rating and set a $140.00 target price (up from $125.00) on shares of Shopify in a research report on Tuesday. Oppenheimer upped their price objective on shares of Shopify from $145.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, Truist Financial cut their target price on shares of Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Shopify has a consensus rating of "Moderate Buy" and an average target price of $125.76.

Shopify Stock Performance

Shopify stock opened at $152.36 on Thursday. The company has a 50 day moving average price of $115.74 and a 200-day moving average price of $107.22. Shopify has a fifty-two week low of $63.91 and a fifty-two week high of $156.39. The company has a market capitalization of $197.67 billion, a PE ratio of 98.70, a P/E/G ratio of 4.82 and a beta of 2.63.

Institutional Trading of Shopify

A number of hedge funds have recently made changes to their positions in SHOP. Mather Group LLC. lifted its position in Shopify by 127.4% in the first quarter. Mather Group LLC. now owns 912 shares of the software maker's stock worth $87,000 after purchasing an additional 511 shares during the period. Dynamic Advisor Solutions LLC bought a new stake in Shopify during the 1st quarter worth about $382,000. GAMMA Investing LLC increased its stake in shares of Shopify by 80.0% in the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock valued at $92,000 after acquiring an additional 428 shares during the last quarter. Bessemer Group Inc. increased its stake in shares of Shopify by 3.8% in the 1st quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock valued at $101,163,000 after acquiring an additional 38,616 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of 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 purchasing an additional 432 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.

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