Jefferies Financial Group Issues Positive Forecast for Shopify (NASDAQ:SHOP) Stock Price

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price target raised by Jefferies Financial Group from $125.00 to $150.00 in a research note released on Monday,Benzinga reports. They currently have a hold rating on the software maker’s stock.

Other equities analysts also recently issued reports about the company. Evercore set a $135.00 target price on Shopify in a research report on Wednesday, February 11th. Barclays set a $130.00 price target on Shopify and gave the stock an “equal weight” rating in a research note on Thursday, February 12th. Robert W. Baird set a $160.00 price target on Shopify in a report on Thursday, February 12th. Stifel Nicolaus set a $115.00 price objective on shares of Shopify and gave the stock a “hold” rating in a report on Wednesday, February 11th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Shopify in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $163.33.

Shopify Stock Up 2.5%

SHOP stock opened at $133.50 on Monday. Shopify has a 52-week low of $69.84 and a 52-week high of $182.19. The stock’s fifty day simple moving average is $136.61 and its 200-day simple moving average is $149.12. The stock has a market capitalization of $173.80 billion, a price-to-earnings ratio of 143.55, a price-to-earnings-growth ratio of 4.67 and a beta of 2.83.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SHOP. Knights of Columbus Asset Advisors LLC acquired a new stake in shares of Shopify during the third quarter valued at about $4,110,000. Principal Financial Group Inc. lifted its stake in shares of Shopify by 16.3% in the third quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock worth $67,006,000 after acquiring an additional 63,300 shares in the last quarter. Triton Financial Group Inc acquired a new position in shares of Shopify in the third quarter worth about $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in Shopify by 65.5% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock valued at $23,557,000 after purchasing an additional 62,743 shares during the last quarter. Finally, TriaGen Wealth Management LLC purchased a new position in Shopify in the third quarter valued at about $2,562,000. 69.27% of the stock is owned by hedge funds and other 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.