BMO Capital Markets Has Lowered Expectations for Shopify (NASDAQ:SHOP) Stock Price

Key Points

• BMO Capital Markets cut its price target for Shopify from $190 to $150 but kept an "outperform" rating, with the new target implying roughly a 33.9% upside from the stock's current level.
• Analyst sentiment is mixed-to-positive: several firms raised targets (KeyCorp to $200, DA Davidson to $195, JPMorgan to $180) and overall there are 25 Buy and 18 Hold ratings, giving Shopify an average target of $170.62 and an average rating of "Moderate Buy."
• Shopify shares opened at about $112.05, trading well below 50- and 200-day moving averages (~$154 and $151), with a market cap of ~$145.9B, a high PE (~83), and roughly 69% institutional ownership.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP had its target price dropped by equities research analysts at BMO Capital Markets from $190.00 to $150.00 in a research note issued on Monday,Benzinga reports. The firm presently has an "outperform" rating on the software maker's stock. BMO Capital Markets' price target points to a potential upside of 33.87% from the company's current price.

Several other research firms have also issued reports on SHOP. KeyCorp raised their price target on shares of Shopify from $175.00 to $200.00 and gave the stock an "overweight" rating in a report on Thursday, October 30th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Shopify in a research note on Wednesday, November 5th. JPMorgan Chase & Co. boosted their target price on shares of Shopify from $179.00 to $180.00 and gave the company an "overweight" rating in a report on Wednesday, November 5th. Barclays set a $140.00 price target on Shopify and gave the stock an "equal weight" rating in a report on Wednesday, November 5th. Finally, DA Davidson upped their target price on Shopify from $185.00 to $195.00 and gave the company a "buy" rating in a research report on Wednesday, November 5th. Twenty-five investment analysts have rated the stock with a Buy rating and eighteen have given a Hold rating to the company. According to data from MarketBeat, Shopify has an average rating of "Moderate Buy" and an average target price of $170.62.

Shopify Trading Up 0.7%

Shares of SHOP opened at $112.05 on Monday. The stock's 50-day moving average price is $154.35 and its two-hundred day moving average price is $151.25. Shopify has a 12 month low of $69.84 and a 12 month high of $182.19. The company has a market capitalization of $145.87 billion, a PE ratio of 83.00, a PEG ratio of 3.30 and a beta of 2.83.

Institutional Trading of Shopify

Several institutional investors and hedge funds have recently modified their holdings of SHOP. Hartline Investment Corp raised its position in Shopify by 27.0% in the 4th quarter. Hartline Investment Corp now owns 32,701 shares of the software maker's stock valued at $5,264,000 after buying an additional 6,950 shares during the last quarter. Coldstream Capital Management Inc. increased its stake in shares of Shopify by 174.1% during the 4th quarter. Coldstream Capital Management Inc. now owns 12,834 shares of the software maker's stock worth $2,066,000 after purchasing an additional 8,152 shares during the last quarter. Life Cycle Investment Partners Ltd purchased a new stake in Shopify in the fourth quarter worth $52,015,000. St. Louis Trust Co purchased a new stake in Shopify in the 4th quarter worth about $1,162,000. Finally, Buckhead Capital Management LLC raised its position in shares of Shopify by 22.1% in the fourth quarter. Buckhead Capital Management LLC now owns 4,150 shares of the software maker's stock valued at $668,000 after purchasing an additional 750 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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