Shopify (NASDAQ:SHOP) Given Buy Rating at Bank of America

Shopify (NASDAQ:SHOP) (TSE:SHOP)‘s stock had its “buy” rating reaffirmed by equities researchers at Bank of America in a note issued to investors on Tuesday,Benzinga reports. They currently have a $150.00 price objective on the software maker’s stock. Bank of America‘s price objective suggests a potential upside of 24.85% from the stock’s previous close.

SHOP has been the topic of a number of other reports. Wells Fargo & Company cut their price target on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. Citizens Jmp decreased their price objective on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a report on Wednesday, May 6th. DA Davidson lowered their price objective on shares of Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. National Bank Financial dropped their target price on shares of Shopify from $200.00 to $155.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Finally, BMO Capital Markets reduced their target price on shares of Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $156.06.

Shopify Trading Up 0.6%

SHOP stock opened at $120.14 on Tuesday. The stock’s fifty day simple moving average is $111.33 and its two-hundred day simple moving average is $126.51. Shopify has a 1-year low of $94.00 and a 1-year high of $182.19. The stock has a market cap of $155.90 billion, a P/E ratio of 118.95, a P/E/G ratio of 3.28 and a beta of 2.58.

Institutional Investors Weigh In On Shopify

Several institutional investors have recently added to or reduced their stakes in the business. Kingdom Financial Group LLC. purchased a new position in shares of Shopify in the fourth quarter worth about $26,000. Curio Wealth LLC purchased a new stake in shares of Shopify during the 4th quarter valued at approximately $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Shopify during the 4th quarter valued at approximately $29,000. Lloyd Advisory Services LLC. bought a new position in Shopify in the 4th quarter worth approximately $31,000. Finally, Lodestone Wealth Management LLC purchased a new position in Shopify in the 4th quarter valued at approximately $31,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.