Stifel Nicolaus Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lifted by analysts at Stifel Nicolaus from $100.00 to $110.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the software maker’s stock. Stifel Nicolaus’ target price would suggest a potential downside of 8.33% from the stock’s previous close.

Several other equities research analysts have also recently commented on the company. DA Davidson increased their price objective on Shopify from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 16th. BMO Capital Markets initiated coverage on Shopify in a research report on Tuesday, May 6th. They issued an “outperform” rating and a $120.00 target price on the stock. Mizuho dropped their target price on Shopify from $110.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. JPMorgan Chase & Co. dropped their target price on Shopify from $124.00 to $115.00 and set an “overweight” rating on the stock in a research report on Friday, May 9th. Finally, The Goldman Sachs Group dropped their target price on Shopify from $150.00 to $130.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $117.45.

Shopify Trading Up 4.3%

SHOP opened at $120.00 on Tuesday. The stock has a fifty day simple moving average of $109.16 and a two-hundred day simple moving average of $105.11. The company has a market cap of $155.69 billion, a price-to-earnings ratio of 77.42, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. Shopify has a 12-month low of $48.56 and a 12-month high of $129.38.

Institutional Investors Weigh In On Shopify

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Capital World Investors raised its position in Shopify by 0.9% during the 4th quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock valued at $5,646,455,000 after purchasing an additional 496,982 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Shopify by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock worth $4,563,106,000 after acquiring an additional 882,168 shares in the last quarter. FMR LLC raised its position in shares of Shopify by 3.4% in the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock worth $4,653,054,000 after acquiring an additional 1,426,000 shares in the last quarter. Capital International Investors raised its position in shares of Shopify by 2.7% in the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock worth $3,883,039,000 after acquiring an additional 968,026 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Shopify by 79.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock worth $1,752,834,000 after acquiring an additional 7,316,862 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

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.