TD Securities Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Key Points

• TD Securities has raised its price target for Shopify's stock from $145.00 to $170.00, indicating a potential upside of 13.01% from the current price.
• Multiple analysts have provided optimistic ratings, with National Bankshares increasing their target to $180.00 and Royal Bank of Canada raising theirs to $170.00, both maintaining an "outperform" rating.
• As of now, 69.27% of Shopify's stock is held by institutional investors, indicating strong institutional confidence in the company's performance.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price target raised by analysts at TD Securities from $145.00 to $170.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The firm presently has an "outperform" rating on the software maker's stock. TD Securities' target price suggests a potential upside of 13.01% from the company's current price.

Other equities analysts have also issued reports about the stock. National Bankshares boosted their price target on shares of Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday. Royal Bank Of Canada lifted their price target on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday. UBS Group lifted their target price on Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a report on Thursday. Jefferies Financial Group reduced their target price on Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Finally, Morgan Stanley lifted their price target on shares of Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $143.05.

Shopify Stock Performance

SHOP stock traded down $4.47 during midday trading on Thursday, reaching $150.43. The stock had a trading volume of 13,627,931 shares, compared to its average volume of 10,539,885. Shopify has a 52-week low of $63.91 and a 52-week high of $156.85. The firm has a fifty day simple moving average of $115.74 and a two-hundred day simple moving average of $107.22. The stock has a market cap of $195.16 billion, a PE ratio of 97.05, a P/E/G ratio of 4.82 and a beta of 2.63.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital World Investors boosted its holdings in Shopify by 0.9% during the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after buying an additional 496,982 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Shopify by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after acquiring an additional 882,168 shares during the period. Capital International Investors raised its position in shares of Shopify by 2.7% in the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock valued at $3,883,039,000 after acquiring an additional 968,026 shares during the period. Jennison Associates LLC boosted its stake in Shopify by 118.1% during the 2nd 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 last quarter. Finally, Mackenzie Financial Corp grew its holdings 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 purchasing an additional 1,426,406 shares during the period. 69.27% of the stock is currently owned by 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.

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