Shopify (NASDAQ:SHOP) Price Target Cut to $150.00 by Analysts at BMO Capital Markets

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its target price decreased by equities researchers at BMO Capital Markets from $190.00 to $150.00 in a report issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the software maker’s stock. BMO Capital Markets’ price target would indicate a potential upside of 33.87% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. DA Davidson boosted their price target on shares of Shopify from $185.00 to $195.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Wells Fargo & Company reiterated an “overweight” rating and issued a $198.00 target price (up from $125.00) on shares of Shopify in a research report on Wednesday, December 17th. Citigroup restated a “market outperform” rating on shares of Shopify in a research report on Thursday, December 4th. JPMorgan Chase & Co. increased their price objective on Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Finally, Bank of America boosted their target price on Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Twenty-five analysts have rated the stock with a Buy rating and eighteen have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $170.62.

Shopify Trading Up 0.7%

Shares of SHOP opened at $112.05 on Monday. Shopify has a 12-month low of $69.84 and a 12-month high of $182.19. The company has a market cap of $145.87 billion, a PE ratio of 83.00, a price-to-earnings-growth ratio of 3.30 and a beta of 2.83. The stock has a 50-day moving average price of $154.35 and a 200-day moving average price of $151.25.

Institutional Investors Weigh In On Shopify

Several institutional investors have recently added to or reduced their stakes in the company. Twin Peaks Wealth Advisors LLC boosted its holdings in shares of Shopify by 1.7% during the third quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker’s stock worth $512,000 after purchasing an additional 59 shares during the period. Accurate Wealth Management LLC raised its position in Shopify by 2.0% during the 3rd quarter. Accurate Wealth Management LLC now owns 3,438 shares of the software maker’s stock valued at $526,000 after purchasing an additional 67 shares during the last quarter. Moloney Securities Asset Management LLC raised its position in Shopify by 1.8% during the 3rd quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock valued at $587,000 after purchasing an additional 70 shares during the last quarter. Rothschild Investment LLC lifted its holdings in Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after buying an additional 75 shares during the period. Finally, Sivia Capital Partners LLC grew its position in shares of Shopify by 0.9% in the 3rd quarter. Sivia Capital Partners LLC now owns 8,265 shares of the software maker’s stock worth $1,228,000 after buying an additional 75 shares during the last quarter. Hedge funds and other institutional investors 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.