Shopify (NASDAQ:SHOP) Given New $150.00 Price Target at Citigroup

Key Points

• Citigroup lowered its price target on Shopify from $156 to $150 while keeping a buy rating, implying about 32% upside from the prior close.
• Analyst sentiment remains broadly positive, with the stock carrying a consensus rating of Moderate Buy and an average price target of $157.69 across Wall Street.
• Shopify shares rose 1.5% to $113.64 on Friday, though the stock still trades below its 200-day moving average and well under its 52-week high.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP had its price target decreased by investment analysts at Citigroup from $156.00 to $150.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the software maker's stock. Citigroup's price target suggests a potential upside of 32.00% from the stock's previous close.

SHOP has been the subject of several other research reports. Zacks Research raised shares of Shopify from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 7th. Weiss Ratings lowered shares of Shopify from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday, May 6th. Stifel Nicolaus set a $150.00 price objective on Shopify and gave the stock a "buy" rating in a report on Thursday, July 9th. Robert W. Baird set a $150.00 price objective on Shopify in a research note on Wednesday, May 6th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $180.00 target price on shares of Shopify in a research report on Tuesday, May 5th. Three analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $157.69.

Shopify Stock Up 1.5%

Shares of NASDAQ SHOP traded up $1.64 during trading on Friday, reaching $113.64. The company had a trading volume of 5,209,409 shares, compared to its average volume of 10,543,984. The company's fifty day moving average price is $114.12 and its 200-day moving average price is $122.19. Shopify has a 12 month low of $94.00 and a 12 month high of $182.19. The stock has a market cap of $147.47 billion, a P/E ratio of 112.52, a PEG ratio of 2.55 and a beta of 2.58.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in Shopify in the fourth quarter worth about $2,611,797,000. Sands Capital Management LLC increased its position in Shopify by 37.0% during the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker's stock valued at $1,530,187,000 after buying an additional 2,568,765 shares in the last quarter. Invesco Ltd. raised its stake in Shopify by 9.8% during the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker's stock valued at $2,257,796,000 after buying an additional 1,252,074 shares during the last quarter. Thrivent Financial for Lutherans boosted its holdings in Shopify by 7,207.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker's stock worth $184,883,000 after acquiring an additional 1,132,545 shares in the last quarter. Finally, Select Equity Group L.P. grew its stake in shares of Shopify by 92.5% in the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker's stock worth $259,124,000 after acquiring an additional 1,079,494 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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