Shopify (NYSE:SHOP) Price Target Raised to $125.00

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its target price lifted by stock analysts at Wells Fargo & Company from $107.00 to $125.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the software maker's stock. Wells Fargo & Company's price objective points to a potential upside of 15.96% from the company's current price.

SHOP has been the subject of a number of other reports. BMO Capital Markets initiated coverage on shares of Shopify in a research note on Tuesday, May 6th. They set an "outperform" rating and a $120.00 target price for the company. BNP Paribas Exane cut Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target on the stock. in a report on Monday, May 5th. Phillip Securities cut Shopify from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, February 17th. Wedbush reissued an "outperform" rating and set a $110.00 price target on shares of Shopify in a report on Tuesday, April 15th. Finally, Piper Sandler increased their price target on Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $115.11.

Shopify Trading Down 3.2%

SHOP stock traded down $3.61 during midday trading on Friday, hitting $107.80. The company's stock had a trading volume of 7,714,175 shares, compared to its average volume of 9,415,895. The company has a market cap of $139.58 billion, a PE ratio of 69.55, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify has a 12 month low of $48.56 and a 12 month high of $129.38. The firm's 50-day moving average is $96.02 and its 200-day moving average is $105.05.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Capital World Investors lifted its stake in Shopify by 0.9% in the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after purchasing an additional 496,982 shares during the last quarter. Vanguard Group Inc. lifted its stake in 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 purchasing an additional 882,168 shares during the last quarter. FMR LLC lifted its stake in Shopify by 3.4% in the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock worth $4,653,054,000 after purchasing an additional 1,426,000 shares during the last quarter. Capital International Investors lifted its stake in 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 purchasing an additional 968,026 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after acquiring an additional 7,316,862 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

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.