JPMorgan Chase & Co. Boosts Shopify (NYSE:SHOP) Price Target to $179.00

Key Points

• JPMorgan Chase & Co. raised Shopify's price target from $115.00 to $179.00, indicating a potential upside of 18.49% from its previous close.
• Shopify's stock has received multiple upgrades, with several analysts updating their price targets, including Oppenheimer increasing it to $180.00 and CIBC to $185.00.
• Shopify is experiencing significant interest from institutional investors, with Nuveen LLC acquiring a new stake valued at approximately $667 million in the first quarter.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price target boosted by research analysts at JPMorgan Chase & Co. from $115.00 to $179.00 in a research note issued on Thursday, Marketbeat reports. The firm presently has an "overweight" rating on the software maker's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 20.16% from the stock's current price.

Other equities analysts also recently issued reports about the stock. Oppenheimer lifted their price target on shares of Shopify from $145.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday. Mizuho lifted their price target on shares of Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a research report on Thursday. Scotiabank reiterated a "sector perform" rating and set a $150.00 price target (up previously from $115.00) on shares of Shopify in a research report on Thursday. Capital One Financial upgraded shares of Shopify from an "equal weight" rating to an "overweight" rating in a research report on Thursday, May 8th. Finally, BNP Paribas Exane cut shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target for the company. in a research report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $144.46.

Shopify Stock Down 1.4%

NYSE SHOP traded down $2.11 during midday trading on Thursday, hitting $148.96. The company had a trading volume of 6,252,949 shares, compared to its average volume of 10,527,225. The stock has a market cap of $193.26 billion, a price-to-earnings ratio of 96.01, a P/E/G ratio of 4.82 and a beta of 2.63. The firm has a fifty day simple moving average of $116.61 and a two-hundred day simple moving average of $107.55. Shopify has a fifty-two week low of $65.86 and a fifty-two week high of $156.85.

Hedge Funds Weigh In On Shopify

Several institutional investors and hedge funds have recently modified their holdings of SHOP. Family Legacy Financial Solutions LLC bought a new position in Shopify in the 2nd quarter valued at approximately $25,000. Tradewinds Capital Management LLC boosted its holdings in Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock worth $28,000 after acquiring an additional 100 shares during the last quarter. Coastline Trust Co bought a new stake in shares of Shopify during the 2nd quarter worth $29,000. Fourth Dimension Wealth LLC bought a new stake in shares of Shopify during the 4th quarter worth $30,000. Finally, Smithfield Trust Co raised its stake in Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after acquiring an additional 188 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.