Mizuho Increases Shopify (NYSE:SHOP) Price Target to $150.00

Key Points

• Mizuho has raised its price target for Shopify from $85.00 to $150.00, maintaining a "neutral" rating, which suggests a potential downside of 2.88% from the current stock price.
• Other analysts have varying target price adjustments, with Morgan Stanley increasing its target to $112.00 and Oppenheimer to $180.00, while CIBC set it at $145.00.
• Institutional investors hold about 69.27% of Shopify's stock, indicating strong institutional interest despite mixed analyst ratings.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its target price increased by equities research analysts at Mizuho from $85.00 to $150.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the software maker's stock. Mizuho's target price suggests a potential downside of 2.88% from the stock's current price.

SHOP has been the topic of a number of other research reports. Morgan Stanley increased their target price on shares of Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. CIBC lifted their price objective on shares of Shopify from $125.00 to $145.00 and gave the company an "outperformer" rating in a research note on Friday, July 18th. Oppenheimer raised their target price on shares of Shopify from $145.00 to $180.00 and gave the company an "outperform" rating in a research report on Thursday. Truist Financial cut their target price on shares of Shopify from $120.00 to $100.00 and set a "hold" rating on the stock in a research report on Tuesday, May 6th. Finally, Scotiabank lifted their price target on shares of Shopify from $90.00 to $115.00 and gave the stock a "sector perform" rating in a report on Monday, July 28th. 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. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $123.37.

Shopify Trading Down 0.3%

SHOP opened at $154.45 on Thursday. The firm's fifty day simple moving average is $115.74 and its 200 day simple moving average is $107.22. Shopify has a 12 month low of $63.91 and a 12 month high of $156.39. The stock has a market capitalization of $200.37 billion, a P/E ratio of 99.97, a P/E/G ratio of 4.82 and a beta of 2.63.

Institutional Investors Weigh In On Shopify

Hedge funds have recently bought and sold shares of the business. Family Legacy Financial Solutions LLC bought a new position in Shopify during the 2nd quarter worth approximately $25,000. Tradewinds Capital Management LLC lifted its holdings 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 worth $28,000 after purchasing an additional 100 shares during the last quarter. Coastline Trust Co bought a new stake in shares of Shopify in the 2nd quarter worth approximately $29,000. Global Wealth Strategies & Associates lifted its holdings in shares of Shopify by 182.8% in the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after purchasing an additional 170 shares during the last quarter. Finally, Access Investment Management LLC bought a new stake in shares of Shopify in the 2nd quarter worth approximately $31,000. Institutional investors and hedge funds 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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