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Shopify (NYSE:SHOP) Coverage Initiated by Analysts at Needham & Company LLC

Shopify logo with Computer and Technology background

Needham & Company LLC began coverage on shares of Shopify (NYSE:SHOP - Free Report) TSE: SHOP in a research report sent to investors on Monday, Marketbeat.com reports. The firm issued a buy rating and a $135.00 price target on the software maker's stock.

Several other equities analysts have also weighed in on SHOP. Robert W. Baird increased their target price on Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a research note on Monday. Scotiabank reduced their price target on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating on the stock in a research report on Monday, April 28th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $91.00 price objective on shares of Shopify in a research report on Wednesday, June 11th. Oppenheimer dropped their price target on Shopify from $150.00 to $125.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, BNP Paribas Exane lowered Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target on the stock. in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $115.77.

Get Our Latest Analysis on Shopify

Shopify Trading Up 4.1%

Shares of NYSE:SHOP traded up $4.63 during trading on Monday, hitting $116.74. 10,219,665 shares of the company's stock were exchanged, compared to its average volume of 10,618,777. The firm has a 50-day moving average price of $107.86 and a two-hundred day moving average price of $104.87. Shopify has a 1-year low of $48.56 and a 1-year high of $129.38. The firm has a market cap of $151.46 billion, a P/E ratio of 75.32, a PEG ratio of 4.82 and a beta of 2.61.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Capital World Investors raised its position in shares of Shopify by 0.9% during the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after purchasing an additional 496,982 shares during the period. Vanguard Group Inc. lifted its position in Shopify by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after acquiring an additional 882,168 shares in the last quarter. FMR LLC lifted its stake in Shopify by 3.4% during the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock valued at $4,653,054,000 after acquiring an additional 1,426,000 shares in the last quarter. Capital International Investors raised its holdings in shares of Shopify by 2.7% in the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock valued at $3,883,039,000 after purchasing an additional 968,026 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after purchasing an additional 7,316,862 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

About Shopify

(Get Free Report)

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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