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

Key Points

• CIBC has raised its price target for Shopify from $145.00 to $185.00, indicating a potential upside of 22.98% from its current stock price.
• Shopify shares currently trade around $150.43, with a market cap of $195.16 billion and a consensus rating of "Moderate Buy" from analysts.
• Institutional investors own 69.27% of Shopify's stock, with significant purchases made in the second quarter of this year.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price target lifted by investment analysts at CIBC from $145.00 to $185.00 in a research report issued on Thursday,BayStreet.CA reports. The firm currently has an "outperform" rating on the software maker's stock. CIBC's price target would indicate a potential upside of 22.98% from the stock's current price.

A number of other equities research analysts have also recently weighed in on SHOP. Needham & Company LLC started coverage on shares of Shopify in a report on Monday, July 14th. They issued a "buy" rating and a $135.00 price objective on the stock. Jefferies Financial Group dropped their target price on Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Arete Research raised Shopify to a "hold" rating in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Finally, Barclays upped their target price on shares of Shopify from $94.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $143.05.

Shopify Trading Down 2.9%

Shares of SHOP stock traded down $4.47 during midday trading on Thursday, reaching $150.43. 13,627,931 shares of the stock were exchanged, compared to its average volume of 10,539,885. The firm has a market cap of $195.16 billion, a PE ratio of 97.05, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The company's 50 day moving average is $115.74 and its two-hundred day moving average is $107.22. Shopify has a 1 year low of $63.91 and a 1 year high of $156.85.

Institutional Trading of Shopify

Institutional investors and hedge funds have recently bought and sold shares of the business. Family Legacy Financial Solutions LLC purchased a new position in shares of Shopify during the second quarter worth $25,000. Tradewinds Capital Management LLC raised its stake in shares of Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock valued at $28,000 after buying an additional 100 shares during the last quarter. Coastline Trust Co acquired a new position in shares of Shopify in the 2nd quarter valued at about $29,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify in the fourth quarter worth about $30,000. Finally, Smithfield Trust Co grew its holdings in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $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.

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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