Shopify (NYSE:SHOP) Price Target Raised to $165.00

Key Points

• Canaccord Genuity Group has raised Shopify's price target from $115.00 to $165.00, indicating a potential upside of 9.22% from its current price.
• Other analysts, including Bank of America and DA Davidson, have also increased their targets, with Bank of America setting its new target at $185.00.
• Shopify is currently rated as a "Moderate Buy" by analysts, with a consensus price target averaging $143.69.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price objective boosted by equities research analysts at Canaccord Genuity Group from $115.00 to $165.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the software maker's stock. Canaccord Genuity Group's price target would suggest a potential upside of 9.22% from the company's current price.

Several other equities research analysts also recently commented on the stock. Bank of America lifted their price objective on shares of Shopify from $110.00 to $185.00 and gave the stock a "buy" rating in a research note on Thursday. DA Davidson boosted their target price on shares of Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday. National Bankshares boosted their target price on shares of Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a research report on Thursday. Wells Fargo & Company boosted their target price on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Finally, Royal Bank Of Canada boosted their target price on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and an average price target of $143.69.

Shopify Stock Performance

SHOP traded down $3.83 during trading on Thursday, hitting $151.07. The stock had a trading volume of 15,918,183 shares, compared to its average volume of 10,558,622. The company has a market capitalization of $196.00 billion, a PE ratio of 97.47, a PEG ratio of 4.82 and a beta of 2.63. Shopify has a twelve month low of $63.91 and a twelve month high of $156.85. The stock has a 50 day simple moving average of $115.74 and a two-hundred day simple moving average of $107.22.

Institutional Investors Weigh In On Shopify

A number of hedge funds and other institutional investors have recently modified their holdings of the company. ProShare Advisors LLC acquired a new stake in shares of Shopify in the 2nd quarter valued at $191,369,000. Profund Advisors LLC acquired a new stake in shares of Shopify in the 2nd quarter valued at $10,452,000. Summit X LLC acquired a new stake in shares of Shopify in the 2nd quarter valued at $213,000. PFG Advisors raised its holdings in shares of Shopify by 38.7% in the 2nd quarter. PFG Advisors now owns 10,068 shares of the software maker's stock valued at $1,161,000 after purchasing an additional 2,810 shares in the last quarter. Finally, Midwest Trust Co acquired a new stake in Shopify during the 2nd quarter worth $7,361,000. 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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