Wells Fargo & Company Cuts Shopify (NASDAQ:SHOP) Price Target to $166.00

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price target cut by Wells Fargo & Company from $191.00 to $166.00 in a report issued on Monday morning,Benzinga reports. They currently have an overweight rating on the software maker’s stock.

Other analysts have also recently issued reports about the company. Mizuho raised Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 price objective on the stock in a research note on Thursday, February 12th. Piper Sandler began coverage on Shopify in a research note on Thursday, March 12th. They issued an “overweight” rating and a $165.00 price objective on the stock. Jefferies Financial Group lifted their price objective on Shopify from $125.00 to $150.00 and gave the stock a “hold” rating in a research note on Monday, March 9th. Stifel Nicolaus set a $115.00 price objective on Shopify and gave the stock a “hold” rating in a research note on Wednesday, February 11th. Finally, Phillip Securities raised Shopify from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $162.70.

Shopify Trading Up 2.6%

NASDAQ:SHOP opened at $120.10 on Monday. The stock has a market cap of $156.62 billion, a P/E ratio of 129.14, a price-to-earnings-growth ratio of 4.24 and a beta of 2.82. The stock’s 50-day moving average is $121.38 and its 200-day moving average is $145.43. Shopify has a 1-year low of $74.67 and a 1-year high of $182.19.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently modified their holdings of the company. Kingdom Financial Group LLC. bought a new stake in shares of Shopify during the fourth quarter valued at approximately $26,000. Curio Wealth LLC bought a new stake in shares of Shopify during the fourth quarter valued at approximately $27,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of Shopify during the fourth quarter valued at approximately $29,000. Heartwood Wealth Advisors LLC bought a new stake in shares of Shopify during the third quarter valued at approximately $27,000. Finally, Lloyd Advisory Services LLC. bought a new stake in shares of Shopify during the fourth quarter valued at approximately $31,000. Institutional investors own 69.27% of the company’s stock.

About Shopify

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.