Shopify (NASDAQ:SHOP) Trading Up 2.5% Following Analyst Upgrade

Key Points

• Shares rose 2.5% after Jefferies raised its price target to $150 while keeping a hold rating; the stock hit an intraday high of $134.79 and last traded at $133.50 on about 9.13M shares (roughly 30% below average volume).
• Analyst sentiment is broadly positive with a MarketBeat average target of $163.33 and a "Moderate Buy" consensus (31 Buys, 10 Holds, 2 Strong Buys), while Shopify trades with a market cap of $173.8B and a high PE of 143.55.

Shopify Inc. (NASDAQ:SHOP - Get Free Report) TSE: SHOP's stock price traded up 2.5% on Monday after Jefferies Financial Group raised their price target on the stock from $125.00 to $150.00. Jefferies Financial Group currently has a hold rating on the stock. Shopify traded as high as $134.79 and last traded at $133.50. 9,128,747 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 13,110,881 shares. The stock had previously closed at $130.20.

A number of other brokerages have also weighed in on SHOP. Stifel Nicolaus set a $115.00 target price on shares of Shopify and gave the company a "hold" rating in a research note on Wednesday, February 11th. BMO Capital Markets set a $160.00 price objective on shares of Shopify in a report on Thursday, February 12th. Canaccord Genuity Group set a $165.00 price objective on Shopify and gave the company a "buy" rating in a research report on Thursday, February 12th. Barclays set a $130.00 target price on Shopify and gave the stock an "equal weight" rating in a research report on Thursday, February 12th. Finally, Arete Research set a $175.00 price target on Shopify in a research report on Monday, February 2nd. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, Shopify has an average rating of "Moderate Buy" and an average target price of $163.33.

Institutional Trading of Shopify

A number of hedge funds have recently made changes to their positions in SHOP. Kingdom Financial Group LLC. purchased a new position in Shopify during the fourth quarter valued at $26,000. Financial Gravity Companies Inc. purchased a new stake in shares of Shopify in the second quarter worth $27,000. Rothschild Investment LLC increased its holdings in shares of Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker's stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. Heartwood Wealth Advisors LLC bought a new position in shares of Shopify during the third quarter valued at $27,000. Finally, Curio Wealth LLC purchased a new position in shares of Shopify in the 4th quarter worth about $27,000. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

The stock has a market cap of $173.80 billion, a PE ratio of 143.55, a price-to-earnings-growth ratio of 4.67 and a beta of 2.83. The firm has a 50-day moving average price of $137.30 and a 200-day moving average price of $149.14.

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.

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