Shopify (NASDAQ:SHOP) Given a $155.00 Price Target at National Bank Financial

Shopify (NASDAQ:SHOP) (TSE:SHOP) received a $155.00 price target from investment analysts at National Bank Financial in a research report issued on Monday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the software maker’s stock. National Bank Financial’s price objective would indicate a potential upside of 22.28% from the company’s previous close.

SHOP has been the subject of several other research reports. UBS Group reissued a “neutral” rating on shares of Shopify in a research note on Thursday, May 28th. Barclays set a $126.00 target price on Shopify and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Needham & Company LLC restated a “buy” rating and set a $180.00 price target on shares of Shopify in a report on Tuesday, May 5th. BMO Capital Markets started coverage on shares of Shopify in a research report on Friday, July 10th. They set a “market perform” rating on the stock. Finally, Oppenheimer restated an “outperform” rating and set a $175.00 price objective on shares of Shopify in a research report on Wednesday, May 6th. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.58.

Shopify Stock Up 2.6%

Shares of SHOP stock traded up $3.20 during trading hours on Monday, reaching $126.76. The company’s stock had a trading volume of 5,114,020 shares, compared to its average volume of 10,616,512. Shopify has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The firm’s 50 day simple moving average is $112.47 and its 200-day simple moving average is $123.35. The company has a market capitalization of $164.49 billion, a price-to-earnings ratio of 125.51, a PEG ratio of 2.68 and a beta of 2.58.

Institutional Investors Weigh In On Shopify

Several hedge funds and other institutional investors have recently made changes to their positions in SHOP. Kingdom Financial Group LLC. bought a new stake in Shopify during the 4th quarter worth approximately $26,000. Curio Wealth LLC purchased a new position in shares of Shopify during the fourth quarter valued at approximately $27,000. Evolution Wealth Management Inc. grew its holdings in Shopify by 203.9% during the first quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock worth $27,000 after buying an additional 155 shares in the last quarter. Graney & King LLC bought a new stake in Shopify during the first quarter worth $27,000. Finally, Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Shopify in the 4th quarter valued at $29,000. 69.27% of the stock is owned by institutional investors.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.