Shopify (NASDAQ:SHOP) Shares Up 2.5% Following Analyst Upgrade

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP)’s share price was up 2.5% on Monday after Jefferies Financial Group raised their price target on the stock from $125.00 to $150.00. Jefferies Financial Group currently has a hold rating on the stock. Shopify traded as high as $134.79 and last traded at $133.50. Approximately 9,128,747 shares were traded during mid-day trading, a decline of 30% from the average daily volume of 13,110,881 shares. The stock had previously closed at $130.20.

Several other equities analysts have also commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $180.00 price target on shares of Shopify in a research note on Thursday, February 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Shopify in a research report on Monday, December 29th. ATB Cormark Capital Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating in a report on Tuesday, February 10th. Moffett Nathanson raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $150.00 target price on the stock in a research report on Monday, February 9th. Finally, Robert W. Baird set a $160.00 target price on shares of Shopify in a research note on Thursday, February 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $163.33.

Hedge Funds Weigh In On Shopify

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Kingdom Financial Group LLC. acquired a new stake in shares of Shopify during the fourth quarter worth about $26,000. Curio Wealth LLC acquired a new stake in Shopify during the 4th quarter worth approximately $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in Shopify in the 4th quarter valued at approximately $29,000. Heartwood Wealth Advisors LLC acquired a new position in shares of Shopify in the third quarter worth $27,000. Finally, Lloyd Advisory Services LLC. purchased a new stake in shares of Shopify during the fourth quarter worth $31,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 2.5%

The firm has a market cap of $173.80 billion, a PE ratio of 143.55, a price-to-earnings-growth ratio of 4.67 and a beta of 2.83. The business has a 50-day moving average price of $136.61 and a two-hundred day moving average price of $149.12.

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.