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

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective upped by Truist Financial from $65.00 to $110.00 in a research report report published on Wednesday,Benzinga reports. They currently have a hold rating on the software maker’s stock.

A number of other analysts have also recently weighed in on SHOP. Deutsche Bank Aktiengesellschaft upped their price target on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Robert W. Baird upped their target price on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday. Argus raised shares of Shopify to a “strong-buy” rating in a report on Thursday, August 8th. Barclays boosted their price target on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Citigroup raised their price objective on shares of Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Stock Down 0.5 %

NYSE SHOP opened at $108.49 on Wednesday. Shopify has a 1-year low of $48.56 and a 1-year high of $115.62. The company has a market capitalization of $139.99 billion, a price-to-earnings ratio of 101.38, a PEG ratio of 3.71 and a beta of 2.36. The stock’s 50 day moving average is $81.97 and its two-hundred day moving average is $71.02. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Institutional Trading of Shopify

Hedge funds have recently added to or reduced their stakes in the business. GQG Partners LLC increased its holdings in shares of Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after acquiring an additional 13,885,473 shares in the last quarter. Capital World Investors grew its position in shares of Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares during the period. Baillie Gifford & Co. increased its stake in Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after buying an additional 5,982,434 shares during the period. Finally, FMR LLC lifted its stake in Shopify by 16.1% in the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

About Shopify

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.