Shopify (NYSE:SHOP – Free Report) (TSE:SHOP) had its target price boosted by Truist Financial from $65.00 to $90.00 in a research report released on Monday, BayStreet.CA reports. They currently have a hold rating on the software maker’s stock.
A number of other research firms have also commented on SHOP. Canaccord Genuity Group lifted their target price on shares of Shopify from $70.00 to $86.00 and gave the stock a buy rating in a report on Wednesday, December 6th. Veritas Investment Research set a $52.00 target price on shares of Shopify and gave the stock a buy rating in a report on Wednesday, October 25th. Evercore boosted their price target on shares of Shopify from $74.00 to $80.00 and gave the company an in-line rating in a report on Friday, November 3rd. TheStreet raised shares of Shopify from a d rating to a c- rating in a report on Monday, November 13th. Finally, Piper Sandler reissued an underweight rating and issued a $56.00 price target on shares of Shopify in a report on Thursday, January 18th. Three analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $73.48.
Shopify Price Performance
Hedge Funds Weigh In On Shopify
Hedge funds have recently modified their holdings of the business. Private Wealth Management Group LLC bought a new stake in shares of Shopify during the fourth quarter worth about $26,000. SJS Investment Consulting Inc. grew its position in Shopify by 59.1% in the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after purchasing an additional 130 shares in the last quarter. PCA Investment Advisory Services Inc. bought a new stake in Shopify in the 2nd quarter worth about $27,000. DSM Capital Partners LLC bought a new stake in Shopify in the 4th quarter worth about $28,000. Finally, Your Advocates Ltd. LLP grew its position in Shopify by 4,344.4% in the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock worth $31,000 after purchasing an additional 391 shares in the last quarter. Institutional investors and hedge funds own 60.28% 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, 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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