National Bankshares Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its target price raised by stock analysts at National Bankshares from $120.00 to $140.00 in a report issued on Monday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the software maker's stock. National Bankshares' price target points to a potential upside of 8.47% from the stock's current price.

Several other research firms also recently issued reports on SHOP. Atb Cap Markets upgraded Shopify from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. Scotiabank dropped their price objective on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. Truist Financial decreased 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. The Goldman Sachs Group lowered their target price on shares of Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Finally, KeyCorp cut their price target on Shopify from $140.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $118.11.

Shopify Stock Up 1.6%

SHOP traded up $2.00 during trading on Monday, hitting $129.07. The company had a trading volume of 3,749,284 shares, compared to its average volume of 9,267,067. The company has a market capitalization of $167.45 billion, a PE ratio of 83.27, a PEG ratio of 4.82 and a beta of 2.61. Shopify has a one year low of $48.56 and a one year high of $129.38. The firm's 50-day moving average price is $110.52 and its 200 day moving average price is $105.37.

Institutional Investors Weigh In On Shopify

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Family Legacy Financial Solutions LLC purchased a new position in shares of Shopify during the second quarter valued at approximately $25,000. Coastline Trust Co bought a new stake in Shopify in the 2nd quarter worth approximately $29,000. Allianz SE bought a new stake in Shopify during the fourth quarter worth approximately $27,000. Global Wealth Strategies & Associates boosted its stake in Shopify by 182.8% during the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after buying an additional 170 shares during the period. Finally, Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify in the fourth quarter worth approximately $30,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

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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