Shopify (NYSE:SHOP) (TSE:SHOP) had its price target upped by Canaccord Genuity from $700.00 to $1,000.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. Canaccord Genuity currently has a hold rating on the software maker’s stock.
SHOP has been the subject of several other reports. Royal Bank of Canada boosted their target price on shares of Shopify from $1,000.00 to $1,250.00 and gave the company an outperform rating in a research report on Thursday. Robert W. Baird reissued an outperform rating and set a $820.00 target price on shares of Shopify in a report on Thursday, July 2nd. Credit Suisse Group boosted their target price on shares of Shopify from $700.00 to $850.00 and gave the stock a neutral rating in a report on Thursday, July 23rd. Citigroup upped their price objective on shares of Shopify from $998.00 to $1,200.00 and gave the company a neutral rating in a research note on Thursday. Finally, Bank of America reaffirmed a sell rating and issued a $900.00 price objective on shares of Shopify in a research note on Wednesday. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and eleven have given a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $927.71.
Shares of NYSE SHOP traded down $24.84 during mid-day trading on Thursday, reaching $1,024.00. 2,335,705 shares of the company were exchanged, compared to its average volume of 2,893,114. Shopify has a twelve month low of $282.08 and a twelve month high of $1,107.92. The company’s 50-day simple moving average is $935.14 and its 200-day simple moving average is $641.42. The stock has a market capitalization of $120.08 billion, a P/E ratio of -1,678.66 and a beta of 1.61.
Several institutional investors and hedge funds have recently bought and sold shares of SHOP. Morgan Stanley grew its stake in shares of Shopify by 24.4% during the 1st quarter. Morgan Stanley now owns 5,356,363 shares of the software maker’s stock valued at $2,233,229,000 after acquiring an additional 1,050,841 shares during the period. Capital World Investors raised its holdings in shares of Shopify by 69.1% during the 1st quarter. Capital World Investors now owns 4,875,199 shares of the software maker’s stock worth $2,032,670,000 after acquiring an additional 1,991,970 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Shopify by 46.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 762,684 shares of the software maker’s stock valued at $315,940,000 after buying an additional 241,716 shares during the period. Advisor Group Holdings Inc. purchased a new stake in Shopify in the first quarter worth $26,635,000. Finally, Discovery Value Fund increased its stake in Shopify by 200.3% in the first quarter. Discovery Value Fund now owns 698,301 shares of the software maker’s stock worth $291,143,000 after purchasing an additional 465,789 shares during the period. 60.17% of the stock is owned by hedge funds and other institutional investors.
Shopify Company Profile
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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