Analysts Set Shopify Inc. (NASDAQ:SHOP) Target Price at $157.03

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) has been assigned a consensus recommendation of “Moderate Buy” from the forty-five research firms that are covering the firm, Marketbeat reports. Ten research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and three have given a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $157.5833.

Several research analysts have recently issued reports on the company. Citizens Jmp decreased their target price on Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. Susquehanna started coverage on Shopify in a research note on Friday, July 10th. They issued a “neutral” rating on the stock. Wells Fargo & Company reduced their price target on Shopify from $166.00 to $144.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. Citigroup downgraded Shopify from a “market outperform” rating to a “neutral” rating in a report on Friday, July 10th. Finally, UBS Group reissued a “neutral” rating on shares of Shopify in a research report on Thursday, May 28th.

Shopify Price Performance

Shares of SHOP opened at $125.06 on Friday. The company has a 50-day simple moving average of $112.19 and a two-hundred day simple moving average of $123.66. The firm has a market capitalization of $162.29 billion, a PE ratio of 123.82, a price-to-earnings-growth ratio of 2.68 and a beta of 2.58. Shopify has a one year low of $94.00 and a one year high of $182.19.

Hedge Funds Weigh In On Shopify

A number of institutional investors and hedge funds have recently made changes to their positions in SHOP. Kingdom Financial Group LLC. bought a new position in Shopify during the 4th quarter valued at approximately $26,000. Curio Wealth LLC bought a new stake in Shopify in the fourth quarter worth $27,000. Evolution Wealth Management Inc. grew its stake in shares of Shopify by 203.9% in the first quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock worth $27,000 after acquiring an additional 155 shares during the last quarter. Graney & King LLC purchased a new stake in shares of Shopify in the first quarter worth $27,000. Finally, Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Shopify during the fourth quarter valued at $29,000. Institutional investors own 69.27% of the company’s stock.

About Shopify

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.