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

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP)’s stock price rose 2.5% during trading 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 trading, a decline of 30% from the average daily volume of 13,110,881 shares. The stock had previously closed at $130.20.

SHOP has been the subject of a number of other research reports. Barclays set a $130.00 target price on Shopify and gave the stock an “equal weight” rating in a report on Thursday, February 12th. Zacks Research downgraded Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Mizuho upgraded shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 target price on the stock in a research note on Thursday, February 12th. ATB Cormark Capital Markets raised shares of Shopify from a “sector perform” rating to an “outperform” rating in a report on Tuesday, February 10th. Finally, Scotiabank raised shares of Shopify from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $165.00 to $200.00 in a report on Thursday, January 8th. Two research 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $163.33.

Hedge Funds Weigh In On Shopify

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Shopify by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after buying an additional 743,803 shares during the period. Jennison Associates LLC grew its position in shares of Shopify by 64.3% during the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after acquiring an additional 7,403,821 shares during the period. Norges Bank purchased a new stake in shares of Shopify in the 4th quarter worth $2,611,797,000. Loomis Sayles & Co. L P increased its stake in shares of Shopify by 1.3% in the 2nd quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock worth $1,686,738,000 after purchasing an additional 191,824 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Shopify by 9.8% in the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after purchasing an additional 1,252,074 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

The company has a market capitalization of $173.80 billion, a P/E ratio of 143.55, a PEG ratio of 4.67 and a beta of 2.83. The stock has a fifty day moving average of $137.30 and a 200 day moving average of $149.14.

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.