Shopify (NYSE:SHOP) Given New $180.00 Price Target at BMO Capital Markets

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective raised by BMO Capital Markets from $120.00 to $180.00 in a report issued on Thursday morning,BayStreet.CA reports. They currently have an outperform rating on the software maker’s stock.

Several other research firms have also commented on SHOP. KeyCorp reaffirmed an “overweight” rating and issued a $175.00 price target (up from $145.00) on shares of Shopify in a report on Thursday. CIBC lifted their target price on Shopify from $145.00 to $185.00 and gave the company an “outperform” rating in a research note on Thursday. Barclays raised their price target on Shopify from $94.00 to $120.00 and gave the stock an “equal weight” rating in a report on Thursday. TD Securities boosted their price objective on Shopify from $145.00 to $170.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Arete Research raised Shopify to a “hold” rating in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $143.69.

Shopify Price Performance

Shares of SHOP opened at $151.07 on Thursday. The stock has a market capitalization of $196.00 billion, a PE ratio of 97.47, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The business’s fifty day moving average price is $116.61 and its 200 day moving average price is $107.55. Shopify has a 12-month low of $63.91 and a 12-month high of $156.85.

Institutional Trading of Shopify

Hedge funds have recently modified their holdings of the business. LRI Investments LLC lifted its stake in Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock worth $94,000 after acquiring an additional 79 shares in the last quarter. Prosperity Consulting Group LLC lifted its position in shares of Shopify by 1.5% in the second quarter. Prosperity Consulting Group LLC now owns 6,011 shares of the software maker’s stock worth $693,000 after purchasing an additional 90 shares in the last quarter. Hummer Financial Advisory Services Inc boosted its holdings in shares of Shopify by 3.8% during the second quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock worth $299,000 after purchasing an additional 95 shares during the period. Lakeridge Wealth Management LLC grew its position in Shopify by 1.5% during the second quarter. Lakeridge Wealth Management LLC now owns 6,656 shares of the software maker’s stock valued at $768,000 after purchasing an additional 97 shares in the last quarter. Finally, SouthState Corp increased its stake in Shopify by 3.7% in the 2nd quarter. SouthState Corp now owns 2,768 shares of the software maker’s stock valued at $319,000 after buying an additional 99 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

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.