Analysts Set Shopify Inc. (NYSE:SHOP) PT at $115.11

Shares of Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP have received a consensus recommendation of "Moderate Buy" from the forty-three analysts that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $115.11.

Several research firms have weighed in on SHOP. Robert W. Baird raised their price target on Shopify from $126.00 to $135.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. ATB Capital increased their price objective on Shopify from $145.00 to $170.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 12th. Oppenheimer cut their target price on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. 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. Finally, JPMorgan Chase & Co. lowered their price target 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.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Tallon Kerry Patrick acquired a new position in Shopify during the 4th quarter worth approximately $230,000. Brighton Jones LLC increased its position 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 worth $2,252,000 after acquiring an additional 584 shares during the last quarter. Mather Group LLC. lifted its stake in shares of Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker's stock worth $43,000 after acquiring an additional 184 shares in the last quarter. Tyche Wealth Partners LLC acquired a new position in shares of Shopify in the fourth quarter worth about $243,000. Finally, Trilogy Capital Inc. purchased a new position in Shopify in the fourth quarter valued at about $216,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 2.3%

Shares of SHOP stock traded up $2.46 during trading hours on Friday, hitting $110.26. The company's stock had a trading volume of 6,537,404 shares, compared to its average volume of 9,399,885. The business has a fifty day moving average of $96.16 and a 200-day moving average of $105.05. Shopify has a twelve month low of $48.56 and a twelve month high of $129.38. The stock has a market cap of $142.77 billion, a price-to-earnings ratio of 71.14, a P/E/G ratio of 4.82 and a beta of 2.63.

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.