Truist Financial Boosts Shopify (NYSE:SHOP) Price Target to $90.00

Shopify (NYSE:SHOPGet Free Report) (TSE:SHOP) had its price objective hoisted by investment analysts at Truist Financial from $65.00 to $90.00 in a research report issued on Monday, BayStreet.CA reports. The firm currently has a “hold” rating on the software maker’s stock. Truist Financial’s target price points to a potential upside of 0.75% from the company’s previous close.

A number of other equities analysts also recently commented on the company. BNP Paribas downgraded Shopify from a “neutral” rating to an “underperform” rating in a report on Thursday, January 18th. TheStreet raised Shopify from a “d” rating to a “c-” rating in a research note on Monday, November 13th. Barclays raised their price objective on Shopify from $53.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 18th. Morgan Stanley lifted their target price on Shopify from $62.00 to $74.00 and gave the company an “equal weight” rating in a research note on Monday, December 4th. Finally, Wedbush reiterated a “neutral” rating and issued a $68.00 target price (up previously from $66.00) on shares of Shopify in a report on Wednesday, December 6th. Three equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, Shopify presently has an average rating of “Hold” and a consensus price target of $73.48.

Check Out Our Latest Report on Shopify

Shopify Trading Down 1.5 %

Shares of Shopify stock traded down $1.39 on Monday, reaching $89.33. 13,255,874 shares of the company’s stock were exchanged, compared to its average volume of 10,400,563. The company has a market capitalization of $114.77 billion, a P/E ratio of -98.73 and a beta of 2.27. Shopify has a 52 week low of $39.02 and a 52 week high of $91.57. The company has a debt-to-equity ratio of 0.13, a quick ratio of 7.23 and a current ratio of 7.23. The firm’s 50-day moving average is $78.42 and its two-hundred day moving average is $65.86.

Institutional Trading of Shopify

Several hedge funds and other institutional investors have recently modified their holdings of SHOP. Fairfield Bush & CO. acquired a new stake in Shopify during the 1st quarter worth $169,000. Raymond James Trust N.A. lifted its position in Shopify by 26.5% in the 1st quarter. Raymond James Trust N.A. now owns 754 shares of the software maker’s stock valued at $510,000 after acquiring an additional 158 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Shopify by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 30,166 shares of the software maker’s stock worth $20,391,000 after buying an additional 592 shares in the last quarter. Cetera Investment Advisers lifted its position in Shopify by 13.0% during the 1st quarter. Cetera Investment Advisers now owns 4,596 shares of the software maker’s stock worth $3,107,000 after buying an additional 527 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its stake in shares of Shopify by 89.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 436 shares of the software maker’s stock worth $295,000 after purchasing an additional 206 shares during the last quarter. 60.28% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Company Profile

(Get Free Report)

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, 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.

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