Shopify (NASDAQ:SHOP) Price Target Lowered to $166.00 at Wells Fargo & Company

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price target trimmed by Wells Fargo & Company from $191.00 to $166.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

Several other research firms have also issued reports on SHOP. Citizens Jmp reduced their target price on Shopify from $200.00 to $160.00 and set a “market outperform” rating for the company in a report on Thursday, February 12th. TD Securities raised Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price for the company in a report on Thursday, February 12th. Wedbush dropped their price objective on Shopify from $185.00 to $160.00 and set an “outperform” rating on the stock in a research note on Thursday, February 12th. Piper Sandler initiated coverage on Shopify in a research note on Thursday, March 12th. They issued an “overweight” rating and a $165.00 price objective on the stock. Finally, Canaccord Genuity Group set a $165.00 price objective on Shopify and gave the company a “buy” rating in a research note on Thursday, February 12th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $162.70.

Shopify Stock Up 0.5%

SHOP stock opened at $118.80 on Monday. The firm has a market cap of $154.93 billion, a PE ratio of 127.74, a P/E/G ratio of 4.24 and a beta of 2.82. The business has a 50 day moving average of $122.17 and a 200-day moving average of $145.87. Shopify has a 12-month low of $69.99 and a 12-month high of $182.19.

Hedge Funds Weigh In On Shopify

Several institutional investors have recently bought and sold shares of SHOP. Kingdom Financial Group LLC. purchased a new stake in shares of Shopify during the fourth quarter worth $26,000. Heartwood Wealth Advisors LLC purchased a new stake in shares of Shopify during the third quarter worth $27,000. Curio Wealth LLC purchased a new stake in shares of Shopify during the fourth quarter worth $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Shopify during the fourth quarter worth $29,000. Finally, Lodestone Wealth Management LLC purchased a new stake in shares of Shopify during the fourth quarter worth $31,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.