Shopify (NASDAQ:SHOP) Shares Up 7.5% - What's Next?

Key Points

• Shopify shares jumped 7.5% to $122.28, reaching an intraday high of $123.00, though trading volume was 88% below the stock’s average daily volume.
• Analyst sentiment remains positive overall, with Shopify holding a “Moderate Buy” consensus rating and an average price target of $157.69. Recent targets range from $126 to $140, while some firms maintain neutral ratings.
• Institutional investors and hedge funds own approximately 69.27% of Shopify’s shares, with several asset managers recently increasing their positions.

Shopify Inc. (NASDAQ:SHOP - Get Free Report) TSE: SHOP traded up 7.5% during trading on Monday . The company traded as high as $123.00 and last traded at $122.28. Approximately 1,206,688 shares traded hands during trading, a decline of 88% from the average daily volume of 10,491,660 shares. The stock had previously closed at $113.75.

Analyst Ratings Changes

Several research firms have recently weighed in on SHOP. Barclays set a $126.00 target price on shares of Shopify and gave the company an "equal weight" rating in a report on Wednesday, May 6th. DA Davidson dropped their price target on shares of Shopify from $195.00 to $140.00 and set a "buy" rating on the stock in a research report on Wednesday, May 6th. UBS Group reaffirmed a "neutral" rating on shares of Shopify in a report on Thursday, May 28th. Rothschild & Co Redburn set a $130.00 price objective on shares of Shopify and gave the stock a "neutral" rating in a research report on Tuesday, July 21st. Finally, BMO Capital Markets started coverage on shares of Shopify in a research note on Friday, July 10th. They set a "market perform" rating on the stock. Three 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. Based on data from MarketBeat, Shopify has an average rating of "Moderate Buy" and a consensus price target of $157.69.

Shopify Stock Up 8.9%

The stock's 50-day simple moving average is $114.39 and its two-hundred day simple moving average is $121.82. The company has a market capitalization of $160.69 billion, a price-to-earnings ratio of 122.61, a PEG ratio of 2.45 and a beta of 2.58.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. TBH Global Asset Management LLC raised its stake in Shopify by 1.2% in the 4th quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker's stock valued at $1,036,000 after purchasing an additional 75 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Shopify by 13.9% during the second quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker's stock worth $72,000 after buying an additional 77 shares in the last quarter. Pacific Sage Partners LLC grew its holdings in shares of Shopify by 3.9% during the fourth quarter. Pacific Sage Partners LLC now owns 2,133 shares of the software maker's stock worth $343,000 after buying an additional 80 shares in the last quarter. WealthCollab LLC raised its position in shares of Shopify by 26.7% in the fourth quarter. WealthCollab LLC now owns 380 shares of the software maker's stock valued at $61,000 after buying an additional 80 shares during the last quarter. Finally, Secure Asset Management LLC raised its position in shares of Shopify by 1.8% in the fourth quarter. Secure Asset Management LLC now owns 4,724 shares of the software maker's stock valued at $760,000 after buying an additional 83 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

About Shopify

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.