Shopify (NASDAQ:SHOP) Stock Rating Upgraded by Truist Financial

Shopify (NASDAQ:SHOP) (TSE:SHOP) was upgraded by research analysts at Truist Financial from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Marketbeat reports. The brokerage presently has a $150.00 price objective on the software maker’s stock, up from their prior price objective of $110.00. Truist Financial’s target price suggests a potential upside of 33.10% from the company’s previous close.

SHOP has been the topic of several other research reports. Canaccord Genuity Group set a $165.00 target price on Shopify and gave the company a “buy” rating in a research note on Thursday. Robert W. Baird set a $160.00 price objective on shares of Shopify in a research report on Thursday. Raymond James Financial reissued a “market perform” rating on shares of Shopify in a research report on Monday, December 1st. National Bank Financial lifted their price target on shares of Shopify from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, October 23rd. Finally, KeyCorp reiterated an “overweight” rating and set a $160.00 price objective on shares of Shopify in a report on Wednesday, February 11th. Thirty-two analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $163.42.

Shopify Stock Up 1.8%

Shopify stock opened at $112.70 on Tuesday. The firm has a market cap of $146.72 billion, a P/E ratio of 121.18, a P/E/G ratio of 3.96 and a beta of 2.83. The business has a fifty day moving average of $149.40 and a two-hundred day moving average of $150.95. Shopify has a twelve month low of $69.84 and a twelve month high of $182.19.

Institutional Trading of Shopify

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SHOP. Vanguard Group Inc. raised its stake in shares of Shopify by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after purchasing an additional 743,803 shares during the last quarter. Jennison Associates LLC raised its position in Shopify by 64.3% during the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after buying an additional 7,403,821 shares during the last quarter. Norges Bank acquired a new stake in Shopify during the 4th quarter valued at approximately $2,611,797,000. Loomis Sayles & Co. L P boosted its holdings 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 valued at $1,686,738,000 after acquiring an additional 191,824 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Shopify by 6.2% in the 4th quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock valued at $2,043,365,000 after acquiring an additional 737,892 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.