Shopify (NYSE:SHOP) Price Target Raised to $180.00

Key Points

• Oppenheimer has raised its price target for Shopify's stock from $145.00 to $180.00, indicating a potential 16.55% upside from the stock's previous close.
• Shopify currently holds a consensus rating of "Moderate Buy" with a consensus target price of $123.37, despite mixed ratings from various analysts.
• Institutional investors own 69.27% of Shopify's stock, reflecting growing interest with significant stakes acquired during the second quarter.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its target price increased by investment analysts at Oppenheimer from $145.00 to $180.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the software maker's stock. Oppenheimer's price target would indicate a potential upside of 16.55% from the stock's previous close.

A number of other equities research analysts have also recently commented on the company. BNP Paribas Exane cut Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective for the company. in a research note on Monday, May 5th. Arete Research raised Shopify to a "hold" rating in a research note on Wednesday, July 23rd. Morgan Stanley lifted their price objective on Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Atb Cap Markets raised Shopify from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. Finally, Stifel Nicolaus lifted their target price on Shopify from $100.00 to $110.00 and gave the stock a "hold" rating in a report on Tuesday, July 15th. One research 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 given a strong buy rating to the company's stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and a consensus target price of $123.37.

Shopify Price Performance

Shopify stock opened at $154.45 on Thursday. The company has a market capitalization of $200.37 billion, a PE ratio of 99.97, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify has a one year low of $63.91 and a one year high of $156.39. The business has a 50 day simple moving average of $115.74 and a 200 day simple moving average of $107.22.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SHOP. Family Legacy Financial Solutions LLC acquired a new stake in shares of Shopify in the second quarter valued at about $25,000. Tradewinds Capital Management LLC grew its holdings in shares of Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock valued at $28,000 after purchasing an additional 100 shares in the last quarter. Coastline Trust Co acquired a new position in shares of Shopify in the 2nd quarter valued at $29,000. Global Wealth Strategies & Associates increased its stake in Shopify by 182.8% in the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock valued at $30,000 after purchasing an additional 170 shares during the period. Finally, Access Investment Management LLC purchased a new position in Shopify during the 2nd quarter worth $31,000. Hedge funds and other institutional investors 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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