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

Key Points

• DA Davidson increased its target price for Shopify (NYSE:SHOP) from $125.00 to $185.00, suggesting a potential upside of 22.98% based on the stock's previous close.
• Other research firms have also raised their price targets for Shopify, with CIBC and Royal Bank of Canada both raising their estimates to $185.00 and $170.00 respectively, maintaining "outperform" ratings.
• Institutional investors hold 69.27% of Shopify's stock, with several firms such as Neuberger Berman Group significantly increasing their shares, indicating confidence in the company's future performance.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its target price upped by investment analysts at DA Davidson from $125.00 to $185.00 in a note issued to investors on Thursday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the software maker's stock. DA Davidson's target price would indicate a potential upside of 22.98% from the company's previous close.

Several other research firms have also recently weighed in on SHOP. Morgan Stanley lifted their price objective on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Stifel Nicolaus raised their price objective on Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a research report on Thursday. Arete Research upgraded shares of Shopify to a "hold" rating in a report on Wednesday, July 23rd. CIBC lifted their target price on Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, Royal Bank Of Canada increased their price objective on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $143.05.

Shopify Price Performance

SHOP traded down $4.47 during trading on Thursday, hitting $150.43. 13,627,931 shares of the stock traded hands, compared to its average volume of 10,539,885. The firm has a 50-day moving average of $115.74 and a 200 day moving average of $107.22. Shopify has a 12-month low of $63.91 and a 12-month high of $156.85. The firm has a market capitalization of $195.16 billion, a P/E ratio of 97.05, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

Institutional Investors Weigh In On Shopify

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC increased its holdings in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after purchasing an additional 584 shares during the period. Cerity Partners LLC lifted its stake in Shopify by 6.3% during the 4th quarter. Cerity Partners LLC now owns 91,447 shares of the software maker's stock valued at $8,887,000 after acquiring an additional 5,454 shares during the period. Scotia Capital Inc. boosted its holdings in shares of Shopify by 3.9% in the 4th quarter. Scotia Capital Inc. now owns 1,117,479 shares of the software maker's stock valued at $118,566,000 after acquiring an additional 42,253 shares during the last quarter. Neuberger Berman Group LLC increased its stake in shares of Shopify by 66.8% in the fourth quarter. Neuberger Berman Group LLC now owns 332,199 shares of the software maker's stock worth $35,331,000 after acquiring an additional 133,059 shares during the period. Finally, Legacy Financial Advisors Inc. lifted its position in Shopify by 7.2% during the fourth quarter. Legacy Financial Advisors Inc. now owns 11,200 shares of the software maker's stock valued at $1,191,000 after purchasing an additional 749 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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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