Shopify (NYSE:SHOP – Free Report) (TSE:SHOP) had its price objective upped by Robert W. Baird from $90.00 to $126.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the software maker’s stock.
Several other brokerages also recently weighed in on SHOP. Truist Financial reduced their target price on Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Tuesday, August 6th. KeyCorp initiated coverage on shares of Shopify in a report on Thursday, July 25th. They set an “overweight” rating and a $80.00 price objective on the stock. JMP Securities reissued a “market outperform” rating and set a $80.00 target price on shares of Shopify in a research note on Tuesday, September 10th. Barclays upped their price target on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Finally, Argus upgraded Shopify to a “strong-buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $94.95.
Check Out Our Latest Stock Analysis on SHOP
Shopify Stock Performance
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in SHOP. Nations Financial Group Inc. IA ADV raised its holdings in shares of Shopify by 4.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after buying an additional 209 shares during the period. Silvercrest Asset Management Group LLC lifted its position in shares of Shopify by 735.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after purchasing an additional 46,589 shares in the last quarter. Baker Avenue Asset Management LP boosted its stake in shares of Shopify by 10.9% in the third quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock valued at $17,390,000 after purchasing an additional 21,265 shares during the period. Atria Investments Inc grew its holdings in shares of Shopify by 16.8% in the third quarter. Atria Investments Inc now owns 158,383 shares of the software maker’s stock valued at $12,693,000 after purchasing an additional 22,832 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Shopify by 3.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock worth $15,079,000 after buying an additional 7,009 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.
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.
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