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

Key Points

• Scotiabank has raised its price target for Shopify (NYSE:SHOP) stock from $90.00 to $115.00, implying a potential downside of 9.33% from the current price.
• Other analysts have also issued positive outlooks, with price targets ranging from $120.00 to $145.00, contributing to a consensus rating of "Moderate Buy" for the stock.
• Shopify's stock price recently increased by 1.9%, reaching $126.84, with a market capitalization of $164.56 billion.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price target upped by research analysts at Scotiabank from $90.00 to $115.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "sector perform" rating on the software maker's stock. Scotiabank's target price suggests a potential downside of 9.33% from the company's current price.

A number of other brokerages have also commented on SHOP. Needham & Company LLC started coverage on Shopify in a research note on Monday, July 14th. They set a "buy" rating and a $135.00 price target for the company. Royal Bank Of Canada upped their price objective on Shopify from $125.00 to $145.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Robert W. Baird upped their price objective on Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a research report on Monday, July 14th. BMO Capital Markets assumed coverage on Shopify in a research report on Tuesday, May 6th. They set an "outperform" rating and a $120.00 price objective on the stock. Finally, KeyCorp upped their price objective on Shopify from $115.00 to $145.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and an average price target of $120.34.

Shopify Stock Up 1.9%

Shopify stock traded up $2.41 during midday trading on Monday, reaching $126.84. 5,328,445 shares of the stock traded hands, compared to its average volume of 10,437,146. The stock's fifty day moving average is $112.05 and its 200-day moving average is $105.89. Shopify has a 12 month low of $48.56 and a 12 month high of $129.38. The stock has a market cap of $164.56 billion, a P/E ratio of 81.83, a PEG ratio of 4.82 and a beta of 2.61.

Institutional Trading of Shopify

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. LRI Investments LLC lifted its position in Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after acquiring an additional 79 shares during the period. Hummer Financial Advisory Services Inc raised its stake in shares of Shopify by 3.8% during 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. Salem Investment Counselors Inc. raised its stake in shares of Shopify by 16.7% during 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. Moseley Investment Management Inc. raised its stake in shares of Shopify by 2.8% during the 2nd quarter. Moseley Investment Management Inc. now owns 3,674 shares of the software maker's stock valued at $424,000 after buying an additional 100 shares during the last quarter. Finally, Quadcap Wealth Management LLC raised its stake in shares of Shopify by 0.9% during 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. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.