Analysts Set Shopify Inc. (NYSE:SHOP) PT at $115.66

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP has been given an average recommendation of "Moderate Buy" by the forty-two research firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, fourteen have assigned a hold recommendation, twenty-five have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $115.66.

SHOP has been the subject of a number of research analyst reports. JPMorgan Chase & Co. dropped their price objective on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, May 9th. BNP Paribas Exane lowered Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective on the stock. in a research report on Monday, May 5th. Atb Cap Markets upgraded Shopify from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Oppenheimer decreased their price target on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, The Goldman Sachs Group lowered their price objective on shares of Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd.

Shopify Stock Performance

SHOP traded up $2.10 on Wednesday, reaching $114.77. The company had a trading volume of 6,723,355 shares, compared to its average volume of 9,301,631. Shopify has a 52-week low of $48.56 and a 52-week high of $129.38. The company has a market cap of $148.90 billion, a price-to-earnings ratio of 74.05, a P/E/G ratio of 4.82 and a beta of 2.63. The business has a 50 day simple moving average of $104.89 and a 200 day simple moving average of $104.70.

Institutional Trading of Shopify

A number of institutional investors and hedge funds have recently bought and sold shares of SHOP. Brighton Jones LLC lifted its holdings in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after purchasing an additional 584 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in Shopify by 79.9% in the fourth quarter. QRG Capital Management Inc. now owns 5,104 shares of the software maker's stock worth $543,000 after purchasing an additional 2,267 shares during the last quarter. SVB Wealth LLC bought a new stake in Shopify in the 4th quarter worth approximately $563,000. US Bancorp DE raised its stake in Shopify by 3.9% during the 4th quarter. US Bancorp DE now owns 69,597 shares of the software maker's stock valued at $7,400,000 after buying an additional 2,605 shares during the last quarter. Finally, SRS Capital Advisors Inc. lifted its holdings in shares of Shopify by 4.9% during the 4th quarter. SRS Capital Advisors Inc. now owns 3,392 shares of the software maker's stock valued at $361,000 after buying an additional 159 shares during the period. 69.27% of the stock is currently owned by institutional investors.

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.