Shopify (NYSE:SHOP) Given New $160.00 Price Target at Wedbush

Key Points

• Wedbush has raised its price target for Shopify from $115.00 to $160.00, maintaining an "outperform" rating, indicating a potential upside of 6.36% from the current stock price.
• Several other analysts, including CIBC and Goldman Sachs, have also increased their price targets for Shopify, with CIBC setting a target of $185.00 and Goldman Sachs at $176.00.
• Shopify stock has experienced a 2.9% drop, trading at $150.43, amidst increased trading volumes and various hedge funds adjusting their positions in the company.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price objective upped by equities research analysts at Wedbush from $115.00 to $160.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The firm currently has an "outperform" rating on the software maker's stock. Wedbush's target price indicates a potential upside of 6.36% from the stock's current price.

A number of other equities analysts have also commented on the company. CIBC increased their price target on Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research note on Thursday. Needham & Company LLC assumed coverage on shares of Shopify in a research report on Monday, July 14th. They set a "buy" rating and a $135.00 price objective for the company. The Goldman Sachs Group upped their target price on shares of Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a research report on Thursday. KeyCorp reaffirmed an "overweight" rating and issued a $175.00 price target (up previously from $145.00) on shares of Shopify in a report on Thursday. Finally, DA Davidson raised their price objective on Shopify from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Monday, June 16th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and a consensus price target of $143.05.

Shopify Stock Down 2.9%

SHOP stock traded down $4.47 during mid-day trading on Thursday, hitting $150.43. The company had a trading volume of 13,627,931 shares, compared to its average volume of 10,539,885. The company has a market capitalization of $195.16 billion, a price-to-earnings ratio of 97.05, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify has a 12-month low of $63.91 and a 12-month high of $156.85. The company has a 50-day moving average price of $115.74 and a 200 day moving average price of $107.22.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently modified their holdings of SHOP. Family Legacy Financial Solutions LLC purchased a new position in shares of Shopify in the 2nd quarter valued at $25,000. Tradewinds Capital Management LLC lifted its stake in shares of Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock worth $28,000 after purchasing an additional 100 shares in the last quarter. Coastline Trust Co bought a new position in Shopify during the 2nd quarter worth approximately $29,000. Global Wealth Strategies & Associates boosted its position in shares of Shopify by 182.8% during the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after buying an additional 170 shares during the period. Finally, Access Investment Management LLC bought a new stake in shares of Shopify during the 2nd quarter worth $31,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Company Profile

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.

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