Shopify Inc. (NASDAQ:SHOP) Receives $157.03 Consensus PT from Analysts

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) has earned an average recommendation of “Moderate Buy” from the forty-five brokerages that are currently covering the stock, Marketbeat reports. Ten investment analysts have rated the stock with a hold recommendation, thirty-two have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $157.5833.

A number of research firms have recently commented on SHOP. Bank of America began coverage on shares of Shopify in a research note on Tuesday, July 7th. They set a “buy” rating and a $150.00 price objective for the company. Zacks Research raised Shopify from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. Oppenheimer reiterated an “outperform” rating and set a $175.00 target price on shares of Shopify in a report on Wednesday, May 6th. Citigroup cut Shopify from a “market outperform” rating to a “neutral” rating in a research report on Friday, July 10th. Finally, Robert W. Baird set a $150.00 price target on Shopify in a research note on Wednesday, May 6th.

Shopify Trading Down 1.2%

Shopify stock opened at $123.56 on Friday. Shopify has a 1-year low of $94.00 and a 1-year high of $182.19. The company has a fifty day simple moving average of $112.47 and a 200 day simple moving average of $123.66. The company has a market cap of $160.34 billion, a P/E ratio of 122.34, a price-to-earnings-growth ratio of 2.68 and a beta of 2.58.

Institutional Investors Weigh In On Shopify

Large investors have recently made changes to their positions in the stock. Brighton Jones LLC grew its position in shares of Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after acquiring an additional 584 shares during the period. AQR Capital Management LLC increased its stake in shares of Shopify by 107.3% during the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after purchasing an additional 7,544 shares during the last quarter. Sivia Capital Partners LLC lifted its stake in Shopify by 6.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after purchasing an additional 506 shares during the last quarter. Osterweis Capital Management Inc. acquired a new stake in Shopify in the 2nd quarter valued at about $53,000. Finally, Main Street Financial Solutions LLC grew its holdings in Shopify by 15.3% during the second quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock worth $1,284,000 after purchasing an additional 1,479 shares during the period. Institutional investors and hedge funds 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.