Shopify (NASDAQ:SHOP) Given a $150.00 Price Target at Truist Financial

Truist Financial set a $150.00 price target on Shopify (NASDAQ:SHOP) (TSE:SHOP) in a research report report published on Tuesday, MarketBeat Ratings reports. The firm currently has a buy rating on the software maker’s stock.

A number of other brokerages have also recently issued reports on SHOP. DA Davidson raised their target price on Shopify from $185.00 to $195.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Canaccord Genuity Group set a $165.00 price target on shares of Shopify and gave the company a “buy” rating in a research report on Thursday, February 12th. ATB Cormark Capital Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating in a report on Tuesday, February 10th. Jefferies Financial Group set a $125.00 target price on shares of Shopify and gave the stock a “hold” rating in a report on Monday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Shopify from $179.00 to $180.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Thirty-one research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $162.64.

Shopify Trading Up 0.7%

Shares of NASDAQ:SHOP opened at $113.54 on Tuesday. Shopify has a 1-year low of $69.84 and a 1-year high of $182.19. The stock has a market capitalization of $147.81 billion, a P/E ratio of 122.09, a P/E/G ratio of 3.96 and a beta of 2.83. The business has a 50-day moving average price of $148.47 and a two-hundred day moving average price of $150.91.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SHOP. Brighton Jones LLC grew its stake 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 buying an additional 584 shares in the last quarter. AQR Capital Management LLC raised its position in Shopify by 107.3% during the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after acquiring an additional 7,544 shares in the last quarter. Sivia Capital Partners LLC lifted its stake in Shopify by 6.6% in the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after acquiring an additional 506 shares during the last quarter. Nordea Investment Management AB bought a new position in shares of Shopify in the 2nd quarter valued at about $1,594,000. Finally, Chevy Chase Trust Holdings LLC acquired a new position in shares of Shopify during the 2nd quarter worth about $434,000. 69.27% of the stock is currently owned by institutional investors.

About Shopify

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.