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

Key Points

• National Bankshares raised its price target for Shopify from $140 to $180, indicating a potential upside of 19.66% based on the company's current stock price and maintaining an "outperform" rating.
• Shopify's stock recently experienced a 2.9% decline, trading at $150.43, while multiple research firms have provided various ratings and price targets, with an average target price of $143.05.
• Institutional investors control approximately 69.27% of Shopify's stock, with notable increases in holdings from several firms in recent quarters.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price target hoisted by equities research analysts at National Bankshares from $140.00 to $180.00 in a report released on Thursday,BayStreet.CA reports. The firm currently has an "outperform" rating on the software maker's stock. National Bankshares' price objective would suggest a potential upside of 19.66% from the company's current price.

Several other research firms have also issued reports on SHOP. Scotiabank restated a "sector perform" rating and set a $150.00 price target (up from $115.00) on shares of Shopify in a research report on Thursday. Arete restated a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. Robert W. Baird boosted their target price on shares of Shopify from $110.00 to $120.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Capital One Financial upgraded shares of Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. Finally, BMO Capital Markets assumed coverage on shares of Shopify in a research report on Tuesday, May 6th. They set an "outperform" rating and a $120.00 target price for the company. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and an average target price of $143.05.

Shopify Stock Down 2.9%

Shopify stock traded down $4.47 during trading hours on Thursday, reaching $150.43. 13,627,931 shares of the company's stock were exchanged, compared to its average volume of 10,539,885. The firm's 50 day simple moving average is $115.74 and its 200 day simple moving average is $107.22. Shopify has a twelve month low of $63.91 and a twelve month high of $156.85. The firm has a market capitalization of $195.16 billion, a PE ratio of 97.05, a PEG ratio of 4.82 and a beta of 2.63.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SHOP. Family Legacy Financial Solutions LLC acquired a new stake in Shopify in the second quarter worth about $25,000. Tradewinds Capital Management LLC increased its holdings in shares of Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock worth $28,000 after buying an additional 100 shares in the last quarter. Coastline Trust Co bought a new position in Shopify during the second quarter worth $29,000. Fourth Dimension Wealth LLC bought a new position in Shopify in the 4th quarter valued at about $30,000. Finally, Smithfield Trust Co raised its stake in shares of 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 purchasing an additional 188 shares during the period. Hedge funds and other institutional investors 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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