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

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price objective raised by research analysts at Wells Fargo & Company from $107.00 to $125.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the software maker's stock. Wells Fargo & Company's target price would indicate a potential upside of 12.20% from the stock's current price.

Other analysts have also recently issued research reports about the stock. Wedbush restated an "outperform" rating and issued a $110.00 target price on shares of Shopify in a research note on Tuesday, April 15th. National Bankshares cut their price target on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Loop Capital reduced their price objective on shares of Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Atb Cap Markets raised Shopify from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. Finally, Morgan Stanley boosted their target price on Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $115.11.

Shopify Price Performance

Shares of NYSE:SHOP traded up $6.38 during trading on Friday, reaching $111.41. The company had a trading volume of 8,729,612 shares, compared to its average volume of 9,413,365. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The stock's fifty day moving average price is $95.74 and its 200 day moving average price is $105.00. The firm has a market capitalization of $144.26 billion, a price-to-earnings ratio of 71.88, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66.

Institutional Trading of Shopify

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allianz SE purchased a new position in Shopify in the 4th quarter valued at about $27,000. PFG Private Wealth Management LLC grew its holdings in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after buying an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new position in shares of Shopify in the fourth quarter valued at approximately $30,000. Smithfield Trust Co raised its position in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after buying an additional 188 shares during the last quarter. Finally, Dagco Inc. purchased a new position in shares of Shopify during the first quarter valued at approximately $30,000. 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.