Shopify (NASDAQ:SHOP) Raised to Strong-Buy at Phillip Securities

Shopify (NASDAQ:SHOP) (TSE:SHOP) was upgraded by Phillip Securities from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other analysts also recently issued research reports about the stock. TD Cowen upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target for the company in a research report on Wednesday, February 11th. Wells Fargo & Company set a $191.00 target price on shares of Shopify and gave the company an “overweight” rating in a report on Thursday, February 12th. Benchmark lowered their price target on Shopify from $195.00 to $145.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Truist Financial set a $150.00 price target on Shopify and gave the company a “buy” rating in a research report on Tuesday. Finally, KeyCorp reiterated an “overweight” rating and issued a $160.00 target price on shares of Shopify in a research note on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $162.64.

Shopify Stock Up 1.8%

SHOP opened at $123.80 on Wednesday. Shopify has a 52 week low of $69.84 and a 52 week high of $182.19. The business’s 50 day moving average is $146.72 and its two-hundred day moving average is $150.52. The firm has a market cap of $161.17 billion, a price-to-earnings ratio of 133.12, a price-to-earnings-growth ratio of 4.43 and a beta of 2.83.

Institutional Trading of Shopify

Several hedge funds have recently modified their holdings of the business. Kingdom Financial Group LLC. purchased a new position in Shopify in the fourth quarter worth $26,000. Curio Wealth LLC acquired a new position in shares of Shopify during the 4th quarter worth $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Shopify during the 4th quarter worth $29,000. Heartwood Wealth Advisors LLC purchased a new position in shares of Shopify in the 3rd quarter valued at about $27,000. Finally, Lloyd Advisory Services LLC. acquired a new stake in shares of Shopify in the fourth quarter valued at about $31,000. 69.27% of the stock is owned by institutional investors and hedge funds.

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.