Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by Citigroup from $998.00 to $1,200.00 in a research report report published on Thursday morning, BenzingaRatingsTable reports. The firm currently has a neutral rating on the software maker’s stock.
A number of other analysts have also recently commented on SHOP. Goldman Sachs Group upgraded Shopify from a neutral rating to a buy rating and set a $1,127.00 target price on the stock in a research report on Tuesday, July 28th. Piper Sandler boosted their price target on Shopify from $1,015.00 to $1,300.00 and gave the company an overweight rating in a research report on Wednesday. Raymond James cut Shopify from an outperform rating to a market perform rating in a research report on Friday, April 17th. They noted that the move was a valuation call. Zacks Investment Research raised Shopify from a hold rating to a buy rating and set a $866.00 price target on the stock in a research note on Tuesday, May 26th. Finally, KeyCorp upped their target price on Shopify from $1,125.00 to $1,150.00 and gave the company an overweight rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $927.71.
SHOP stock traded down $24.84 during mid-day trading on Thursday, reaching $1,024.00. 2,335,705 shares of the company’s stock were exchanged, compared to its average volume of 2,893,114. The company has a market cap of $120.08 billion, a price-to-earnings ratio of -1,678.66 and a beta of 1.61. The stock’s 50 day moving average is $935.14 and its 200 day moving average is $641.42. Shopify has a 12-month low of $282.08 and a 12-month high of $1,107.92.
Several institutional investors have recently modified their holdings of SHOP. New Capital Management LP raised its stake in shares of Shopify by 180.0% during the second quarter. New Capital Management LP now owns 28 shares of the software maker’s stock worth $27,000 after buying an additional 18 shares during the last quarter. Lenox Wealth Advisors LLC boosted its position in Shopify by 277.8% during the 2nd quarter. Lenox Wealth Advisors LLC now owns 34 shares of the software maker’s stock worth $32,000 after buying an additional 25 shares during the period. First Horizon Advisors Inc. bought a new stake in shares of Shopify in the 2nd quarter valued at $32,000. Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its holdings in Shopify by 516.7% during the 2nd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 37 shares of the software maker’s stock worth $35,000 after acquiring an additional 31 shares during the last quarter. Finally, Engrave Wealth Partners LLC boosted its holdings in shares of Shopify by 96.0% in the 2nd quarter. Engrave Wealth Partners LLC now owns 49 shares of the software maker’s stock worth $46,000 after buying an additional 24 shares during the last quarter. Institutional investors and hedge funds own 60.17% of the company’s stock.
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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