Shopify (NYSE:SHOP) Stock Price Expected to Rise, CIBC Analyst Says

Shopify (NYSE:SHOP - Free Report) TSE: SHOP had its target price increased by CIBC from $125.00 to $145.00 in a report published on Friday morning,Benzinga reports. CIBC currently has an outperformer rating on the software maker's stock.

A number of other equities research analysts also recently weighed in on SHOP. JPMorgan Chase & Co. dropped their price objective on Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research report on Friday, May 9th. The Goldman Sachs Group dropped their price target on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Royal Bank Of Canada boosted their price target on Shopify from $125.00 to $145.00 and gave the stock an "outperform" rating in a research note on Friday. Benchmark decreased their price target on shares of Shopify from $150.00 to $125.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Finally, Stifel Nicolaus raised their price target on shares of Shopify from $100.00 to $110.00 and gave the stock a "hold" rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $117.58.

Shopify Trading Up 0.3%

Shares of Shopify stock traded up $0.32 during trading on Friday, hitting $127.07. 8,468,342 shares of the stock traded hands, compared to its average volume of 9,288,445. The firm has a market cap of $164.86 billion, a P/E ratio of 81.98, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. Shopify has a 52-week low of $48.56 and a 52-week high of $129.38. The stock's fifty day simple moving average is $110.52 and its 200 day simple moving average is $105.37.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently modified their holdings of SHOP. Mather Group LLC. boosted its holdings in Shopify by 127.4% during the 1st quarter. Mather Group LLC. now owns 912 shares of the software maker's stock valued at $87,000 after acquiring an additional 511 shares during the period. Dynamic Advisor Solutions LLC purchased a new position in Shopify during the 1st quarter valued at about $382,000. GAMMA Investing LLC boosted its holdings in Shopify by 80.0% during the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock valued at $92,000 after acquiring an additional 428 shares during the period. Bessemer Group Inc. boosted its holdings in Shopify by 3.8% during the 1st quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock valued at $101,163,000 after acquiring an additional 38,616 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in Shopify by 1.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock valued at $3,694,000 after acquiring an additional 432 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.