Shopify (NYSE:SHOP) Price Target Raised to $150.00 at Stifel Nicolaus

Key Points

• Stifel Nicolaus raised Shopify's target price from $110.00 to $150.00, indicating a potential downside of 0.20% from its current price.
• Shopify has received various ratings from analysts, with a consensus rating of "Moderate Buy" and a target price averaging around $129.58.
• Despite the recent analysis, Shopify's stock price fell by $4.59 to reach $150.31, with a current market capitalization of $195.01 billion.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its target price raised by stock analysts at Stifel Nicolaus from $110.00 to $150.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "hold" rating on the software maker's stock. Stifel Nicolaus' target price indicates a potential downside of 0.20% from the stock's current price.

Several other equities analysts also recently weighed in on the stock. Wedbush reaffirmed an "outperform" rating and set a $110.00 price target on shares of Shopify in a report on Tuesday, April 15th. KeyCorp reissued an "overweight" rating and set a $175.00 target price (up from $145.00) on shares of Shopify in a research note on Thursday. JMP Securities boosted their target price on shares of Shopify from $135.00 to $185.00 and gave the stock a "market outperform" rating in a report on Thursday. BMO Capital Markets assumed coverage on Shopify in a research report on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 target price on the stock. Finally, DA Davidson increased their target price on Shopify from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Monday, June 16th. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and a consensus target price of $129.58.

Shopify Price Performance

Shares of SHOP traded down $4.59 on Thursday, reaching $150.31. The company's stock had a trading volume of 10,219,966 shares, compared to its average volume of 10,515,883. The stock has a market capitalization of $195.01 billion, a P/E ratio of 96.75, a PEG ratio of 4.82 and a beta of 2.63. The stock's 50 day simple moving average is $115.74 and its two-hundred day simple moving average is $107.22. Shopify has a 12-month low of $63.91 and a 12-month high of $156.85.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Midwest Trust Co acquired a new position in shares of Shopify in the second quarter valued at approximately $7,361,000. Acadian Asset Management LLC increased its holdings in shares of Shopify by 17.1% in the second quarter. Acadian Asset Management LLC now owns 198,396 shares of the software maker's stock valued at $22,881,000 after purchasing an additional 28,933 shares during the period. Rathbones Group PLC increased its holdings in shares of Shopify by 7.2% in the second quarter. Rathbones Group PLC now owns 1,577,832 shares of the software maker's stock valued at $182,002,000 after purchasing an additional 105,683 shares during the period. PCJ Investment Counsel Ltd. increased its holdings in shares of Shopify by 5.5% in the second quarter. PCJ Investment Counsel Ltd. now owns 70,140 shares of the software maker's stock valued at $8,089,000 after purchasing an additional 3,660 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Shopify by 4,058.9% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 97,733 shares of the software maker's stock valued at $11,274,000 after purchasing an additional 95,383 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

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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