Royal Bank Of Canada Boosts Shopify (NYSE:SHOP) Price Target to $170.00

Key Points

• Royal Bank of Canada has increased Shopify's price target from $145.00 to $170.00, indicating a potential upside of 12.94% from the current stock price.
• Despite the price target increase, Shopify's stock has seen a 2.8% decline recently, trading at $150.53 during the latest session.
• Overall, equities research analysts have mixed opinions on Shopify, with one sell rating, eighteen hold ratings, twenty-two buy ratings, and two strong buy ratings assigned to the stock.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its target price upped by equities research analysts at Royal Bank Of Canada from $145.00 to $170.00 in a report issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the software maker's stock. Royal Bank Of Canada's target price would suggest a potential upside of 12.94% from the stock's current price.

Several other brokerages have also issued reports on SHOP. JPMorgan Chase & Co. decreased their target price on Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Jefferies Financial Group lowered their target price on Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a report on Monday, May 5th. Scotiabank increased their target price on shares of Shopify from $90.00 to $115.00 and gave the stock a "sector perform" rating in a research note on Monday, July 28th. Barclays lifted their target price on shares of Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday. Finally, Wells Fargo & Company upped their target price on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Shopify presently has an average rating of "Moderate Buy" and an average price target of $129.58.

Shopify Stock Down 2.8%

SHOP stock traded down $4.37 during trading on Thursday, hitting $150.53. The company had a trading volume of 9,174,110 shares, compared to its average volume of 10,510,352. The firm has a 50-day moving average price of $115.74 and a 200-day moving average price of $107.22. The stock has a market cap of $195.29 billion, a price-to-earnings ratio of 97.02, a PEG ratio of 4.82 and a beta of 2.63. Shopify has a 12 month low of $63.91 and a 12 month high of $156.85.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. LRI Investments LLC grew its stake in Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after purchasing an additional 79 shares during the period. Prosperity Consulting Group LLC raised its stake in Shopify by 1.5% during the second quarter. Prosperity Consulting Group LLC now owns 6,011 shares of the software maker's stock valued at $693,000 after buying an additional 90 shares during the last quarter. Hummer Financial Advisory Services Inc grew its holdings in shares of Shopify by 3.8% in the second quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker's stock worth $299,000 after acquiring an additional 95 shares during the period. SouthState Corp lifted its position in shares of Shopify by 3.7% in the second quarter. SouthState Corp now owns 2,768 shares of the software maker's stock valued at $319,000 after acquiring an additional 99 shares in the last quarter. Finally, Salem Investment Counselors Inc. increased its stake in Shopify by 16.7% during the second quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker's stock worth $81,000 after acquiring an additional 100 shares during the last quarter. 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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