Shopify (NYSE:SHOP) Coverage Initiated by Analysts at Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research report sent to investors on Monday, MarketBeat reports. The firm issued a buy rating and a $135.00 target price on the software maker’s stock.

Several other analysts also recently issued reports on SHOP. Oppenheimer decreased their price objective on shares of Shopify from $150.00 to $125.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $91.00 price objective on shares of Shopify in a report on Wednesday, June 11th. National Bankshares decreased their price objective on shares of Shopify from $140.00 to $120.00 and set an “outperform” rating for the company in a report on Friday, April 25th. Capital One Financial raised shares of Shopify from an “equal weight” rating to an “overweight” rating in a report on Thursday, May 8th. Finally, Truist Financial decreased their price objective on shares of Shopify from $120.00 to $100.00 and set a “hold” rating for the company in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $115.77.

Shopify Stock Performance

Shares of SHOP opened at $116.74 on Monday. Shopify has a 1 year low of $48.56 and a 1 year high of $129.38. The company has a market cap of $151.46 billion, a price-to-earnings ratio of 75.32, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. The firm has a fifty day moving average of $108.23 and a 200-day moving average of $104.93.

Institutional Investors Weigh In On Shopify

Several large investors have recently modified their holdings of the stock. Brighton Jones LLC lifted its position in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after acquiring an additional 584 shares in the last quarter. Frank Rimerman Advisors LLC purchased a new stake in shares of Shopify in the fourth quarter valued at $259,000. Choate Investment Advisors purchased a new stake in shares of Shopify in the fourth quarter valued at $593,000. Envestnet Portfolio Solutions Inc. lifted its position in shares of Shopify by 31.1% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 47,356 shares of the software maker’s stock valued at $5,035,000 after acquiring an additional 11,232 shares in the last quarter. Finally, Facet Wealth Inc. purchased a new stake in shares of Shopify in the fourth quarter valued at $207,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

About Shopify

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.