Shopify (NYSE:SHOP) Price Target Raised to $110.00

Shopify (NYSE:SHOP - Free Report) TSE: SHOP had its price objective upped by Stifel Nicolaus from $100.00 to $110.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has a hold rating on the software maker's stock.

Several other analysts have also weighed in on the company. BMO Capital Markets started coverage on Shopify in a report on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 target price on the stock. Jefferies Financial Group decreased their price target on Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Cantor Fitzgerald reissued a "neutral" rating and issued a $91.00 price target on shares of Shopify in a research note on Wednesday, June 11th. Needham & Company LLC assumed coverage on Shopify in a report on Monday. They issued a "buy" rating and a $135.00 price objective on the stock. Finally, Royal Bank Of Canada dropped their target price on Shopify from $145.00 to $125.00 and set an "outperform" rating on the stock in a report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $115.63.

Shopify Trading Down 1.4%

Shares of Shopify stock traded down $1.69 during trading hours on Tuesday, hitting $115.05. 5,435,129 shares of the company were exchanged, compared to its average volume of 9,313,760. The business has a 50-day moving average of $108.23 and a 200-day moving average of $104.93. The stock has a market capitalization of $149.26 billion, a price-to-earnings ratio of 74.23, a P/E/G ratio of 4.82 and a beta of 2.61. Shopify has a 1 year low of $48.56 and a 1 year high of $129.38.

Institutional Trading of Shopify

Several hedge funds have recently added to or reduced their stakes in the business. Mather Group LLC. raised its holdings in Shopify by 127.4% in 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 in the last quarter. Dynamic Advisor Solutions LLC acquired a new position in shares of Shopify in the 1st quarter worth approximately $382,000. GAMMA Investing LLC raised its holdings in shares of Shopify by 80.0% in the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock worth $92,000 after buying an additional 428 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of Shopify by 3.8% in the 1st quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock worth $101,163,000 after buying an additional 38,616 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Shopify by 1.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock worth $3,694,000 after buying an additional 432 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.