Shopify (NYSE:SHOP) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Key Points

• The Goldman Sachs Group has raised its price target for Shopify from $120.00 to $176.00, indicating an expected upside of 18.61% from its current price.
• Despite the optimistic outlook from Goldman Sachs, Shopify has received mixed ratings from analysts, with one sell rating, 18 hold ratings, and 22 buy ratings.
• Shopify's stock has a current market capitalization of $192.52 billion and is currently trading at $148.39, down 4.2% during midday trading.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its target price raised by equities research analysts at The Goldman Sachs Group from $120.00 to $176.00 in a report released on Thursday,Benzinga reports. The firm presently has a "buy" rating on the software maker's stock. The Goldman Sachs Group's price target would indicate a potential upside of 18.61% from the company's current price.

Several other equities analysts have also recently issued reports on the company. BNP Paribas cut Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Atb Cap Markets raised Shopify from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Needham & Company LLC began coverage on Shopify in a research note on Monday, July 14th. They set a "buy" rating and a $135.00 price objective on the stock. Stifel Nicolaus increased their price target on Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a research note on Thursday. Finally, Oppenheimer increased their price target on Shopify from $145.00 to $180.00 and gave the stock an "outperform" rating in a research note on Thursday. One investment 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $131.71.

Shopify Trading Down 4.2%

SHOP stock traded down $6.51 during midday trading on Thursday, hitting $148.39. 12,519,649 shares of the company's stock were exchanged, compared to its average volume of 10,531,620. The stock has a market capitalization of $192.52 billion, a PE ratio of 95.63, a P/E/G ratio of 4.82 and a beta of 2.63. The business has a 50-day simple moving average of $115.74 and a two-hundred day simple moving average of $107.22. Shopify has a 1-year low of $63.91 and a 1-year high of $156.85.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Capital World Investors increased its stake in Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock valued at $5,646,455,000 after purchasing an additional 496,982 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Shopify by 1.9% in the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock worth $4,563,106,000 after acquiring an additional 882,168 shares during the period. Capital International Investors grew its stake in shares of Shopify by 2.7% in the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after acquiring an additional 968,026 shares during the period. Jennison Associates LLC grew its stake in shares of Shopify by 118.1% in the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker's stock worth $1,328,787,000 after acquiring an additional 6,238,829 shares during the period. Finally, Mackenzie Financial Corp grew its position in Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after buying an additional 1,426,406 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.

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