Shopify (NASDAQ:SHOP) Price Target Cut to $150.00 by Analysts at Citigroup

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its target price lowered by Citigroup from $156.00 to $150.00 in a research note issued to investors on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the software maker’s stock.

Several other brokerages also recently weighed in on SHOP. Needham & Company LLC reaffirmed a “buy” rating and set a $180.00 price target on shares of Shopify in a report on Tuesday, May 5th. Piper Sandler restated an “overweight” rating and issued a $150.00 target price (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Stifel Nicolaus set a $150.00 target price on shares of Shopify and gave the company a “buy” rating in a report on Thursday, July 9th. Jefferies Financial Group upgraded shares of Shopify from a “hold” rating to a “buy” rating and boosted their price target for the stock from $140.00 to $160.00 in a research note on Sunday, July 12th. Finally, UBS Group restated a “neutral” rating on shares of Shopify in a research report on Thursday, May 28th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average target price of $157.69.

Shopify Trading Up 1.6%

Shares of NASDAQ SHOP opened at $113.75 on Friday. Shopify has a twelve month low of $94.00 and a twelve month high of $182.19. The stock has a 50 day moving average of $114.39 and a two-hundred day moving average of $122.13. The stock has a market cap of $147.61 billion, a P/E ratio of 112.62, a P/E/G ratio of 2.42 and a beta of 2.58.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Shopify by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after purchasing an additional 743,803 shares in the last quarter. Norges Bank acquired a new stake in shares of Shopify during the fourth quarter valued at about $2,611,797,000. Invesco Ltd. increased its position in shares of Shopify by 9.8% during the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after acquiring an additional 1,252,074 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Shopify by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock worth $2,043,365,000 after acquiring an additional 737,892 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its stake in shares of Shopify by 9.1% in the fourth quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker’s stock worth $1,627,352,000 after acquiring an additional 827,643 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify News Summary

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Citigroup lowered its price target on Shopify to $150 from $156 but kept a Buy rating, implying meaningful upside from current levels. Benzinga
• Positive Sentiment: Several analyst-focused articles highlighted Shopify as a buy and pointed to roughly 28% upside based on consensus price targets, which can support sentiment around the stock. Wall Street Analysts See Shopify (SHOP) as a Buy: Should You Invest?
• Positive Sentiment: Growth-oriented coverage continued to argue that Shopify’s strong fundamentals and growth profile could make it attractive for long-term investors. 3 Reasons Why Growth Investors Shouldn’t Overlook Shopify (SHOP)
• Neutral Sentiment: Reports about Shopify merchants processing record GMV and the broader merchant ecosystem underscore platform momentum, but they were more of an industry/operating backdrop than a direct stock-moving announcement. DSCP Smart Fulfillment Addresses Critical Gap as Shopify Merchants Process Record $378 Billion in Annual Sales
• Negative Sentiment: Rothschild & Co Redburn cut Shopify to Hold, a downgrade that likely pressured the shares and signaled more caution on the stock’s near-term upside. Shopify (NASDAQ:SHOP) Cut to “Hold” at Rothschild & Co Redburn

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.