Shopify (NASDAQ:SHOP) Upgraded to “Buy” at Truist Financial

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

SHOP has been the topic of several other research reports. Robert W. Baird set a $160.00 price target on shares of Shopify in a research report on Thursday. Bank of America lifted their price target on Shopify from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 17th. Mizuho raised Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 price objective on the stock in a report on Thursday, February 12th. BNP Paribas Exane initiated coverage on Shopify in a research note on Monday, November 24th. They set a “neutral” rating for the company. Finally, DA Davidson lifted their price target on shares of Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Thirty-two equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $163.42.

Shopify Stock Up 1.8%

Shopify stock opened at $112.70 on Tuesday. The business’s 50-day moving average price is $149.40 and its 200 day moving average price is $150.95. The firm has a market cap of $146.72 billion, a price-to-earnings ratio of 121.18, a price-to-earnings-growth ratio of 3.96 and a beta of 2.83. Shopify has a 52 week low of $69.84 and a 52 week high of $182.19.

Institutional Investors Weigh In On Shopify

Institutional investors have recently modified their holdings of the company. Kingdom Financial Group LLC. purchased a new position in Shopify during the 4th quarter valued at about $26,000. Financial Gravity Companies Inc. acquired a new position in shares of Shopify in the second quarter valued at approximately $27,000. Rothschild Investment LLC increased its stake in Shopify by 47.5% during 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. Heartwood Wealth Advisors LLC acquired a new stake in Shopify during the 3rd quarter worth approximately $27,000. Finally, Curio Wealth LLC acquired a new stake in Shopify during the 4th quarter worth approximately $27,000. 69.27% of the stock is owned by institutional investors and hedge funds.

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.