Shopify (NYSE:SHOP) (TSE:SHOP) had its price target upped by equities research analysts at Canaccord Genuity from $700.00 to $1,000.00 in a research report issued on Thursday, BenzingaRatingsTable reports. The brokerage presently has a “hold” rating on the software maker’s stock. Canaccord Genuity’s price objective would suggest a potential downside of 2.34% from the company’s previous close.
SHOP has been the subject of several other reports. Pi Financial restated a “buy” rating and set a $830.00 price objective on shares of Shopify in a research report on Monday, May 4th. Wedbush lifted their price target on Shopify from $860.00 to $998.00 and gave the company a “neutral” rating in a research note on Thursday. They noted that the move was a valuation call. ValuEngine downgraded Shopify from a “buy” rating to a “hold” rating in a research note on Friday, May 1st. Piper Sandler lifted their target price on shares of Shopify from $1,015.00 to $1,300.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, KeyCorp upped their price target on shares of Shopify from $1,125.00 to $1,150.00 and gave the company an “overweight” rating in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and eleven have assigned a buy rating to the stock. Shopify has an average rating of “Hold” and a consensus target price of $927.71.
Shares of NYSE:SHOP opened at $1,024.00 on Thursday. Shopify has a 12-month low of $282.08 and a 12-month high of $1,107.92. The company’s 50 day moving average price is $935.14 and its two-hundred day moving average price is $641.42. The firm has a market cap of $122.99 billion, a PE ratio of -1,678.66 and a beta of 1.61.
Several institutional investors and hedge funds have recently modified their holdings of the stock. New Capital Management LP increased its stake in Shopify by 180.0% during the 2nd quarter. New Capital Management LP now owns 28 shares of the software maker’s stock valued at $27,000 after purchasing an additional 18 shares in the last quarter. Lenox Wealth Advisors LLC raised its holdings in 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 period. First Horizon Advisors Inc. purchased a new stake in shares of Shopify during the second quarter worth $32,000. Squar Milner Financial Services LLC boosted its holdings in shares of 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 acquiring an additional 41 shares during the period. Finally, Key Financial Inc purchased a new position in shares of Shopify in the first quarter valued at $34,000. Institutional investors own 60.17% of the company’s stock.
Shopify Company Profile
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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