Shopify (NYSE:SHOP) Price Target Raised to $145.00 at UBS Group

Key Points

• UBS Group has raised its price target for Shopify from $110.00 to $145.00, maintaining a "neutral" rating on the stock, indicating a potential downside of 2.28% from the previous close.
• Investment firms including Oppenheimer and Royal Bank Of Canada have also boosted their price targets for Shopify, with Oppenheimer setting a target of $180.00 and RBC setting it at $170.00, both assigning "outperform" ratings.
• Institutional investors and hedge funds collectively own 69.27% of Shopify's stock, highlighting strong institutional interest in the company.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its target price lifted by equities researchers at UBS Group from $110.00 to $145.00 in a report released on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the software maker's stock. UBS Group's target price points to a potential downside of 2.28% from the stock's previous close.

Several other research analysts have also recently issued reports on the company. Arete Research raised Shopify to a "hold" rating in a research report on Wednesday, July 23rd. Oppenheimer boosted their price objective on Shopify from $145.00 to $180.00 and gave the company an "outperform" rating in a research note on Thursday. Royal Bank Of Canada boosted their price target on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday. BNP Paribas Exane cut Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target on the stock. in a report on Monday, May 5th. Finally, BNP Paribas cut Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $131.71.

Shopify Stock Performance

Shares of Shopify stock traded down $6.51 during midday trading on Thursday, reaching $148.39. 12,519,649 shares of the company's stock traded hands, compared to its average volume of 10,531,620. The company has a market cap of $192.52 billion, a PE ratio of 95.63, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The stock has a 50 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.

Hedge Funds Weigh In On Shopify

Several institutional investors and hedge funds have recently added to or reduced their stakes in SHOP. Nuveen LLC purchased a new position in shares of Shopify in the 1st quarter worth $667,392,000. Jennison Associates LLC raised its holdings in shares of Shopify by 118.1% during the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker's stock valued at $1,328,787,000 after buying an additional 6,238,829 shares during the last quarter. Marshall Wace LLP raised its holdings in Shopify by 623.8% during the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock worth $198,932,000 after purchasing an additional 2,228,091 shares in the last quarter. Durable Capital Partners LP increased its holdings in shares of Shopify by 86.9% in the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock valued at $420,041,000 after buying an additional 1,836,294 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in shares of Shopify by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after buying an additional 1,522,573 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

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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