Truist Financial Raises Shopify (NYSE:SHOP) Price Target to $150.00

Key Points

• Truist Financial has raised its price target for Shopify from $95.00 to $150.00, maintaining a "hold" rating despite indicating a potential downside of 3.12% from the stock's previous close.
• Other analysts have varied opinions on Shopify's stock, with Morgan Stanley boosting its target to $112.00 and Goldman Sachs lowering it to $130.00.
• Shopify's stock currently has a market capitalization of $200.87 billion and is heavily owned by institutional investors, accounting for 69.27% of total shares.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its target price upped by Truist Financial from $95.00 to $150.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a "hold" rating on the software maker's stock. Truist Financial's price objective indicates a potential downside of 3.12% from the stock's previous close.

SHOP has been the topic of a number of other reports. Morgan Stanley lifted their price objective on Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Benchmark reiterated a "buy" rating and set a $140.00 price target (up previously from $125.00) on shares of Shopify in a research note on Tuesday. The Goldman Sachs Group dropped their price target on shares of Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Scotiabank upped their price objective on Shopify from $90.00 to $115.00 and gave the company a "sector perform" rating in a research note on Monday, July 28th. Finally, BNP Paribas Exane lowered shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target for the company. in a research note on Monday, May 5th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $127.87.

Shopify Price Performance

SHOP stock traded down $0.07 during midday trading on Thursday, reaching $154.83. 4,502,763 shares of the stock were exchanged, compared to its average volume of 10,472,938. The company has a fifty day moving average price of $115.74 and a 200 day moving average price of $107.22. Shopify has a 52 week low of $63.91 and a 52 week high of $156.39. The stock has a market capitalization of $200.87 billion, a PE ratio of 100.15, a P/E/G ratio of 4.82 and a beta of 2.63.

Hedge Funds Weigh In On Shopify

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHOP. Capital World Investors boosted its holdings 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. raised its holdings in Shopify by 1.9% during the first 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 boosted its stake in Shopify by 2.7% in the 4th 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 period. Jennison Associates LLC increased its holdings in Shopify by 118.1% in the 2nd quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker's stock valued at $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 1st 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 in the last quarter. 69.27% of the stock is 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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