Shopify (NYSE:SHOP) Given New $180.00 Price Target at BMO Capital Markets

Key Points

• BMO Capital Markets raised Shopify's price target significantly from $120.00 to $180.00, indicating a potential upside of 19.66% from its current price.
• Multiple analysts, including JPMorgan Chase and Truist Financial, have also increased their price targets for Shopify, with an average rating of "Moderate Buy" across the board.
• Shopify's stock experienced a decline of 2.9% on Thursday, trading at $150.43 with a market cap of $195.16 billion.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price target hoisted by research analysts at BMO Capital Markets from $120.00 to $180.00 in a research report issued on Thursday,BayStreet.CA reports. The firm presently has an "outperform" rating on the software maker's stock. BMO Capital Markets' price objective suggests a potential upside of 19.66% from the company's current price.

A number of other equities research analysts have also commented on the company. JPMorgan Chase & Co. increased their price target on Shopify from $115.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday. Truist Financial upped their price objective on shares of Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a research report on Thursday. TD Securities lifted their target price on shares of Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday. Barclays upped their target price on Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday. Finally, UBS Group upped their price objective on Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and an average price target of $143.05.

Shopify Trading Down 2.9%

NYSE SHOP traded down $4.47 on Thursday, hitting $150.43. 13,627,931 shares of the company were exchanged, compared to its average volume of 10,539,885. The company has a market cap of $195.16 billion, a PE ratio of 97.05, a PEG ratio of 4.82 and a beta of 2.63. The stock has a fifty day moving average of $115.74 and a 200-day moving average of $107.22. Shopify has a 12 month low of $63.91 and a 12 month high of $156.85.

Institutional Trading of Shopify

Institutional investors and hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC lifted its holdings in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after purchasing an additional 584 shares in the last quarter. Cerity Partners LLC lifted its stake in shares of Shopify by 6.3% in the 4th quarter. Cerity Partners LLC now owns 91,447 shares of the software maker's stock valued at $8,887,000 after purchasing an additional 5,454 shares during the last quarter. Scotia Capital Inc. lifted its position in shares of Shopify by 3.9% in the fourth quarter. Scotia Capital Inc. now owns 1,117,479 shares of the software maker's stock worth $118,566,000 after buying an additional 42,253 shares during the last quarter. Neuberger Berman Group LLC increased its holdings in shares of Shopify by 66.8% during the 4th quarter. Neuberger Berman Group LLC now owns 332,199 shares of the software maker's stock valued at $35,331,000 after acquiring an additional 133,059 shares during the last quarter. Finally, Legacy Financial Advisors Inc. raised its stake in shares of Shopify by 7.2% in the 4th quarter. Legacy Financial Advisors Inc. now owns 11,200 shares of the software maker's stock valued at $1,191,000 after acquiring an additional 749 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

About Shopify

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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