Shopify (NYSE:SHOP) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Shopify (NYSE:SHOP - Free Report) TSE: SHOP had its price objective upped by Robert W. Baird from $110.00 to $120.00 in a research report released on Monday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the software maker's stock.

Several other analysts have also recently weighed in on the stock. DA Davidson raised their target price on shares of Shopify from $115.00 to $125.00 and gave the company a "buy" rating in a report on Monday, June 16th. Oppenheimer reduced their target price on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. National Bankshares reduced their target price on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. JPMorgan Chase & Co. reduced their target price on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Finally, Mizuho reduced their target price on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $117.45.

Shopify Price Performance

Shares of NYSE SHOP traded up $6.75 during midday trading on Monday, hitting $126.75. The company's stock had a trading volume of 13,369,801 shares, compared to its average volume of 9,275,761. The business's fifty day simple moving average is $109.81 and its two-hundred day simple moving average is $105.25. Shopify has a 1 year low of $48.56 and a 1 year high of $129.38. The firm has a market capitalization of $164.44 billion, a price-to-earnings ratio of 81.77, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61.

Hedge Funds Weigh In On Shopify

A number of institutional investors have recently modified their holdings of the business. LRI Investments LLC grew its position in Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after buying an additional 79 shares during the last quarter. Hummer Financial Advisory Services Inc grew its position in Shopify by 3.8% in the 2nd quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker's stock valued at $299,000 after buying an additional 95 shares during the last quarter. Mark Sheptoff Financial Planning LLC grew its position in Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after buying an additional 100 shares during the last quarter. Salem Investment Counselors Inc. grew its position in Shopify by 16.7% in the 2nd quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker's stock valued at $81,000 after buying an additional 100 shares during the last quarter. Finally, Quadcap Wealth Management LLC grew its position in Shopify by 0.9% in the 1st quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker's stock valued at $1,063,000 after buying an additional 103 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

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.