CIBC Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective upped by CIBC from $145.00 to $185.00 in a research note released on Thursday,BayStreet.CA reports. The brokerage currently has an outperform rating on the software maker’s stock.

A number of other brokerages have also commented on SHOP. DA Davidson boosted their price objective on shares of Shopify from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 16th. Wells Fargo & Company lifted their price objective on shares of Shopify from $107.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, June 6th. Royal Bank Of Canada upped their target price on shares of Shopify from $145.00 to $170.00 and gave the company an “outperform” rating in a report on Thursday. Loop Capital downgraded shares of Shopify from a “buy” rating to a “hold” rating and set a $120.00 target price for the company. in a research note on Tuesday, July 22nd. Finally, BNP Paribas Exane lowered Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 price objective on the stock. in a research note on Monday, May 5th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $143.69.

Shopify Price Performance

Shares of NYSE:SHOP opened at $151.07 on Thursday. The stock has a market cap of $196.00 billion, a price-to-earnings ratio of 97.47, a P/E/G ratio of 4.82 and a beta of 2.63. The company has a 50 day moving average of $116.61 and a 200-day moving average of $107.55. Shopify has a one year low of $63.91 and a one year high of $156.85.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Family Legacy Financial Solutions LLC acquired a new position in Shopify during the second quarter worth about $25,000. Tradewinds Capital Management LLC lifted its stake in Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after purchasing an additional 100 shares in the last quarter. Coastline Trust Co acquired a new position in shares of Shopify during the 2nd quarter worth approximately $29,000. Fourth Dimension Wealth LLC acquired a new position in shares of Shopify during the 4th quarter worth approximately $30,000. Finally, Smithfield Trust Co grew its position in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after purchasing an additional 188 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.