Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by Robert W. Baird from $1,100.00 to $1,200.00 in a research note issued to investors on Thursday morning, The Fly reports.
A number of other brokerages have also commented on SHOP. Barclays lifted their price target on Shopify from $960.00 to $1,040.00 and gave the stock an equal weight rating in a report on Thursday. Argus initiated coverage on Shopify in a research note on Wednesday, July 1st. They issued a buy rating and a $1,050.00 target price on the stock. Jefferies Financial Group restated a hold rating and issued a $725.00 target price on shares of Shopify in a research note on Tuesday, July 28th. KeyCorp boosted their target price on Shopify from $1,125.00 to $1,150.00 and gave the company an overweight rating in a research note on Thursday. Finally, Wells Fargo & Co boosted their target price on Shopify from $700.00 to $1,000.00 and gave the company a hold rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $927.71.
Shares of Shopify stock opened at $1,024.00 on Thursday. The business’s fifty day simple moving average is $935.14 and its 200 day simple moving average is $641.42. The firm has a market capitalization of $120.08 billion, a P/E ratio of 14,628.57 and a beta of 1.61. Shopify has a 12 month low of $282.08 and a 12 month high of $1,107.92.
A number of institutional investors have recently bought and sold shares of the stock. Comerica Bank grew its position in Shopify by 2.2% during the second quarter. Comerica Bank now owns 7,828 shares of the software maker’s stock worth $7,494,000 after buying an additional 169 shares in the last quarter. Valmark Advisers Inc. purchased a new position in Shopify during the second quarter worth about $270,000. Ingalls & Snyder LLC purchased a new position in Shopify during the second quarter worth about $261,000. Sigma Planning Corp grew its position in Shopify by 64.4% during the second quarter. Sigma Planning Corp now owns 6,771 shares of the software maker’s stock worth $6,427,000 after buying an additional 2,652 shares in the last quarter. Finally, NexWave Capital Partners LLC purchased a new position in Shopify during the second quarter worth about $244,000. Institutional investors and hedge funds own 60.17% of the company’s stock.
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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