Shopify (NYSE:SHOP) Given a $185.00 Price Target by JMP Securities Analysts

Key Points

• JMP Securities has increased Shopify's price target from $135.00 to $185.00, indicating a potential upside of 21.82% from its current price.
• Despite the positive outlook from JMP, other analysts have mixed sentiments, with JPMorgan lowering its target to $115.00 while CIBC raised theirs to $145.00.
• Shopify's recent trading performance shows it opened at $151.87, and large institutional investors have significantly increased their stakes in the company.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP received a $185.00 target price from analysts at JMP Securities in a report released on Thursday, Marketbeat.com reports. The firm currently has a "market outperform" rating on the software maker's stock. JMP Securities' price objective would suggest a potential upside of 23.76% from the stock's current price.

A number of other equities analysts have also weighed in on SHOP. Jefferies Financial Group dropped their price objective on Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Truist Financial dropped their price objective on Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research note on Tuesday, May 6th. CIBC upped their price objective on Shopify from $125.00 to $145.00 and gave the stock an "outperformer" rating in a research note on Friday, July 18th. BMO Capital Markets began coverage on Shopify in a research note on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 price objective for the company. Finally, Arete Research raised Shopify to a "hold" rating in a research note on Wednesday, July 23rd. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Shopify currently has a consensus rating of "Moderate Buy" and a consensus price target of $144.46.

Shopify Price Performance

Shares of NYSE SHOP traded down $1.58 during mid-day trading on Thursday, reaching $149.49. The company's stock had a trading volume of 5,387,915 shares, compared to its average volume of 10,522,712. The firm has a market capitalization of $193.94 billion, a PE ratio of 96.22, a P/E/G ratio of 4.82 and a beta of 2.63. The stock has a fifty day moving average of $116.61 and a two-hundred day moving average of $107.55. Shopify has a 52 week low of $65.86 and a 52 week high of $156.85.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Family Legacy Financial Solutions LLC bought a new stake in Shopify during the 2nd quarter valued at $25,000. Tradewinds Capital Management LLC lifted its stake in shares of Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock valued at $28,000 after purchasing an additional 100 shares during the period. Coastline Trust Co purchased a new position in shares of Shopify in the 2nd quarter valued at about $29,000. Fourth Dimension Wealth LLC purchased a new position in shares of Shopify in the 4th quarter valued at about $30,000. Finally, Smithfield Trust Co increased its stake in Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after buying an additional 188 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

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.