Shopify (NYSE:SHOP) Price Target Raised to $110.00 at Truist Financial

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price increased by Truist Financial from $65.00 to $110.00 in a report issued on Wednesday morning,Benzinga reports. Truist Financial currently has a hold rating on the software maker’s stock.

A number of other brokerages have also commented on SHOP. Roth Mkm upped their price target on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Robert W. Baird upped their target price on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday. Loop Capital lifted their price target on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Wells Fargo & Company increased their price objective on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price for the company in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $94.95.

Shopify Stock Down 0.5 %

SHOP opened at $108.49 on Wednesday. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock’s fifty day simple moving average is $81.97 and its 200 day simple moving average is $71.02. Shopify has a 1-year low of $48.56 and a 1-year high of $115.62. The stock has a market cap of $139.99 billion, a PE ratio of 101.38, a price-to-earnings-growth ratio of 3.71 and a beta of 2.36.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its holdings in Shopify by 9.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock worth $432,573,000 after acquiring an additional 471,280 shares during the last quarter. Conway Capital Management Inc. acquired a new stake in Shopify in the third quarter valued at $864,000. M&T Bank Corp raised its position in Shopify by 2.4% during the 3rd quarter. M&T Bank Corp now owns 42,051 shares of the software maker’s stock worth $3,370,000 after purchasing an additional 1,001 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Shopify during the 3rd quarter worth about $33,676,000. Finally, EWA LLC bought a new stake in shares of Shopify in the 3rd quarter valued at about $214,000. Institutional investors own 69.27% of the company’s stock.

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.