Shopify (NASDAQ:SHOP) Price Target Lowered to $150.00 at BMO Capital Markets

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price target lowered by BMO Capital Markets from $190.00 to $150.00 in a research report released on Monday, MarketBeat reports. The firm currently has an outperform rating on the software maker’s stock.

Several other brokerages have also commented on SHOP. KeyCorp lifted their price objective on Shopify from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. BNP Paribas Exane assumed coverage on Shopify in a research report on Monday, November 24th. They issued a “neutral” rating on the stock. Truist Financial set a $155.00 price target on Shopify and gave the company a “hold” rating in a research note on Tuesday, November 4th. Scotiabank upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $165.00 to $200.00 in a research note on Thursday, January 8th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Shopify in a report on Monday, December 29th. Twenty-six investment analysts have rated the stock with a Buy rating and eighteen have given a Hold rating to the company’s stock. Based on data from MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus price target of $170.08.

Shopify Trading Up 5.7%

NASDAQ:SHOP opened at $118.40 on Monday. The company has a market cap of $154.14 billion, a PE ratio of 87.70, a price-to-earnings-growth ratio of 3.30 and a beta of 2.83. The company has a 50 day simple moving average of $153.73 and a two-hundred day simple moving average of $151.23. Shopify has a 12 month low of $69.84 and a 12 month high of $182.19.

Institutional Trading of Shopify

Several institutional investors and hedge funds have recently modified their holdings of SHOP. Kingdom Financial Group LLC. bought a new stake in Shopify during the fourth quarter valued at about $26,000. Financial Gravity Companies Inc. bought a new position in shares of Shopify in the second quarter worth about $27,000. Rothschild Investment LLC grew its position in shares of Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Heartwood Wealth Advisors LLC bought a new stake in Shopify during the 3rd quarter valued at approximately $27,000. Finally, Tradewinds Capital Management LLC raised its stake in Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after purchasing an additional 100 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Shopify Company Profile

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.