Shopify (NYSE:SHOP) PT Raised to $1,100.00
Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective upped by investment analysts at SunTrust Banks from $700.00 to $1,100.00 in a research note issued on Thursday, The Fly reports. The brokerage presently has a “hold” rating on the software maker’s stock. SunTrust Banks’ price target suggests a potential upside of 7.42% from the company’s previous close.
SHOP has been the topic of several other reports. Argus began coverage on shares of Shopify in a report on Wednesday, July 1st. They issued a “buy” rating and a $1,050.00 price objective on the stock. Jefferies Financial Group reiterated a “hold” rating and issued a $725.00 target price on shares of Shopify in a report on Tuesday. Piper Sandler increased their target price on shares of Shopify from $1,015.00 to $1,300.00 and gave the stock an “overweight” rating in a report on Wednesday. Oppenheimer began coverage on shares of Shopify in a report on Wednesday, May 6th. They issued a “hold” rating on the stock. Finally, DA Davidson reiterated a “hold” rating and issued a $650.00 target price on shares of Shopify in a report on Thursday, May 21st. Two investment 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. The company currently has an average rating of “Hold” and an average price target of $927.71.
Shares of SHOP stock traded down $24.84 during trading hours on Thursday, reaching $1,024.00. 2,335,705 shares of the company were exchanged, compared to its average volume of 2,893,114. Shopify has a fifty-two week low of $282.08 and a fifty-two week high of $1,107.92. The stock’s fifty day moving average is $935.14 and its two-hundred day moving average is $641.42. The company has a market cap of $120.07 billion, a price-to-earnings ratio of -1,678.66 and a beta of 1.61.
Institutional investors have recently made changes to their positions in the stock. New Capital Management LP grew its stake in shares of Shopify by 180.0% in the 2nd quarter. New Capital Management LP now owns 28 shares of the software maker’s stock worth $27,000 after acquiring an additional 18 shares in the last quarter. Lenox Wealth Advisors LLC grew its position in Shopify by 277.8% during the second quarter. Lenox Wealth Advisors LLC now owns 34 shares of the software maker’s stock valued at $32,000 after buying an additional 25 shares during the period. First Horizon Advisors Inc. bought a new position in Shopify during the second quarter valued at about $32,000. Squar Milner Financial Services LLC grew its position in Shopify by 102.5% during the first quarter. Squar Milner Financial Services LLC now owns 81 shares of the software maker’s stock valued at $33,000 after buying an additional 41 shares during the period. Finally, Key Financial Inc bought a new position in Shopify during the first quarter valued at about $34,000. 60.17% of the stock is currently owned by institutional investors.
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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