Wells Fargo & Company Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price hoisted by Wells Fargo & Company from $107.00 to $125.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an overweight rating on the software maker’s stock.

A number of other equities research analysts also recently issued reports on the stock. Truist Financial lowered their target price on shares of Shopify from $120.00 to $100.00 and set a “hold” rating for the company in a report on Tuesday, May 6th. Cantor Fitzgerald reduced their price target on shares of Shopify from $120.00 to $80.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Morgan Stanley lifted their price target on shares of Shopify from $106.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. ATB Capital lifted their price target on shares of Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Finally, BMO Capital Markets initiated coverage on shares of Shopify in a research report on Tuesday, May 6th. They set an “outperform” rating and a $120.00 price target on the stock. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $115.11.

Shopify Stock Performance

Shopify stock opened at $111.41 on Friday. Shopify has a 1 year low of $48.56 and a 1 year high of $129.38. The firm has a 50 day moving average price of $96.02 and a 200 day moving average price of $105.05. The company has a market cap of $144.26 billion, a price-to-earnings ratio of 71.88, a PEG ratio of 4.82 and a beta of 2.63.

Institutional Trading of Shopify

Several institutional investors have recently added to or reduced their stakes in the stock. LRI Investments LLC raised its holdings in Shopify by 9.8% in the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock valued at $94,000 after acquiring an additional 79 shares in the last quarter. Tidemark LLC increased its stake in Shopify by 3.6% during the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock valued at $276,000 after purchasing an additional 90 shares during the last quarter. Howland Capital Management LLC increased its stake in Shopify by 2.0% during the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock valued at $526,000 after purchasing an additional 99 shares during the last quarter. Mark Sheptoff Financial Planning LLC increased its stake in Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. Finally, Quadcap Wealth Management LLC increased its stake in Shopify by 0.9% during the first quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker’s stock valued at $1,063,000 after purchasing an additional 103 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.