Shopify (NYSE:SHOP) (TSE:SHOP) had its price target boosted by Wedbush from $860.00 to $998.00 in a research note issued to investors on Thursday morning, The Fly reports. The firm currently has a neutral rating on the software maker’s stock. The analysts noted that the move was a valuation call.
SHOP has been the topic of a number of other reports. Pi Financial restated a buy rating and set a $830.00 target price on shares of Shopify in a report on Monday, May 4th. Canaccord Genuity increased their target price on Shopify from $650.00 to $700.00 and gave the stock a hold rating in a report on Thursday, May 21st. They noted that the move was a valuation call. Credit Suisse Group lifted their price objective on Shopify from $700.00 to $850.00 and gave the stock a neutral rating in a report on Thursday, July 23rd. Raymond James downgraded 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. Finally, Guggenheim reissued a hold rating on shares of Shopify in a research note on Friday, July 24th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and eleven have issued a buy rating to the company’s stock. Shopify has a consensus rating of Hold and an average price target of $927.71.
Shares of SHOP traded down $24.84 during mid-day trading on Thursday, hitting $1,024.00. 2,335,705 shares of the company’s stock 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 firm has a fifty day moving average of $935.14 and a two-hundred day moving average of $641.42. The stock has a market cap of $120.08 billion, a price-to-earnings ratio of -1,678.66 and a beta of 1.61.
Institutional investors have recently added to or reduced their stakes in the stock. New Capital Management LP increased its holdings in Shopify by 180.0% in the 2nd quarter. New Capital Management LP now owns 28 shares of the software maker’s stock worth $27,000 after acquiring an additional 18 shares in the last quarter. Lenox Wealth Advisors LLC boosted its position in shares of Shopify by 277.8% during the 2nd quarter. Lenox Wealth Advisors LLC now owns 34 shares of the software maker’s stock valued at $32,000 after acquiring an additional 25 shares during the last quarter. First Horizon Advisors Inc. bought a new position in shares of Shopify during the 2nd quarter valued at approximately $32,000. Squar Milner Financial Services LLC lifted its position in Shopify by 102.5% in the first quarter. Squar Milner Financial Services LLC now owns 81 shares of the software maker’s stock worth $33,000 after buying an additional 41 shares during the last quarter. Finally, Key Financial Inc purchased a new stake in Shopify in the first quarter worth $34,000. 60.17% of the stock is owned by institutional investors.
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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