Shopify (NASDAQ:SHOP) Price Target Raised to $176.00 at Wedbush

Key Points

• Wedbush raised Shopify’s price target to $176 from $155 and maintained an “outperform” rating, implying about 20% upside from the stock’s recent price.
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, while adjusted EPS of $0.42 exceeded the $0.40 consensus estimate. The company also issued upbeat third-quarter revenue guidance of approximately $3.7 billion to $3.8 billion.
• Analyst sentiment remains positive, with Shopify carrying a “Moderate Buy” consensus rating and an average price target of $167.06, although UBS remains neutral and valuation concerns persist.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP had its target price upped by Wedbush from $155.00 to $176.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the software maker's stock. Wedbush's target price points to a potential upside of 20.21% from the stock's current price.

A number of other analysts have also recently commented on the company. Wells Fargo & Company dropped their price objective on Shopify from $166.00 to $144.00 and set an "overweight" rating for the company in a research report on Wednesday, May 6th. Citizens Jmp lifted their price target on shares of Shopify from $150.00 to $185.00 and gave the company a "market outperform" rating in a research report on Thursday. Truist Financial set a $180.00 target price on Shopify and gave the company a "buy" rating in a report on Wednesday. Royal Bank Of Canada set a $180.00 price objective on Shopify in a research note on Thursday. Finally, UBS Group reaffirmed a "neutral" rating and issued a $145.00 target price on shares of Shopify in a research report on Thursday. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, Shopify presently has an average rating of "Moderate Buy" and an average target price of $167.06.

Shopify Trading Up 1.5%

NASDAQ:SHOP traded up $2.17 during mid-day trading on Thursday, hitting $146.41. The stock had a trading volume of 6,797,960 shares, compared to its average volume of 10,804,616. Shopify has a twelve month low of $94.00 and a twelve month high of $182.19. The stock has a 50-day simple moving average of $117.98 and a two-hundred day simple moving average of $119.65. The company has a market capitalization of $189.99 billion, a PE ratio of 144.96, a PEG ratio of 2.66 and a beta of 2.58.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.02. The firm had revenue of $3.58 billion during the quarter. Shopify had a return on equity of 12.07% and a net margin of 10.77%.Shopify's revenue for the quarter was up 33.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.69 EPS. Sell-side analysts predict that Shopify will post 1.4 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Hedge funds have recently added to or reduced their stakes in the company. M&T Bank Corp raised its position in Shopify by 37.1% in the 4th quarter. M&T Bank Corp now owns 81,082 shares of the software maker's stock valued at $13,051,000 after purchasing an additional 21,945 shares during the last quarter. Triasima Portfolio Management inc. lifted its holdings in Shopify by 11.0% in the fourth quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker's stock valued at $29,398,000 after buying an additional 18,028 shares during the period. Assetmark Inc. boosted its holdings in Shopify by 6.7% during the fourth quarter. Assetmark Inc. now owns 213,583 shares of the software maker's stock worth $34,380,000 after buying an additional 13,415 shares during the last quarter. Norris Financial Group LLC acquired a new position in Shopify during the first quarter valued at approximately $1,586,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Shopify by 12.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,114 shares of the software maker's stock valued at $84,689,000 after buying an additional 59,745 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Key Shopify News

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Q2 results exceeded expectations: Shopify reported revenue of $3.58 billion, up 33.7% year over year, and adjusted earnings of $0.42 per share versus the $0.40 consensus estimate. Gross merchandise volume, gross profit, and free cash flow also grew more than 30%, while free-cash-flow margin reached 18%. Shopify Delivers Big: 30%+ Growth Across GMV, Revenue, Gross Profit, and Free Cash Flow
• Positive Sentiment: Upbeat guidance supports continued momentum: Shopify forecast third-quarter revenue of approximately $3.7 billion to $3.8 billion, implying low-30% growth and exceeding Wall Street’s roughly $3.6 billion estimate. The outlook helped reinforce expectations for sustained demand across subscriptions and merchant services. Shopify expects Q3 revenue growth in the low 30s as it expands agentic commerce infrastructure
• Positive Sentiment: AI is currently adding rather than removing demand: AI-referred traffic and orders to Shopify merchants reportedly tripled year over year. Management said platforms such as ChatGPT and Gemini are directing shoppers to stores, while Shopify is expanding agentic-commerce tools and AI integration. Shopify's AI Traffic Triples as Shoppers Skip the Search Bar
• Positive Sentiment: Analysts raised targets following the report: Goldman Sachs lifted its target to $194 and maintained a Buy rating; Citizens JMP raised its target to $185 with a Market Outperform rating; and Benchmark increased its target to $170 with a Buy rating. Shopify Analysts Increase Their Forecasts Following Upbeat Q2 Earnings
• Neutral Sentiment: Valuation remains a consideration: Cantor Fitzgerald raised its target to $145 but retained a Neutral rating, suggesting limited upside at recent levels and caution after the sharp post-earnings advance. Shopify price target raised by Cantor Fitzgerald

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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