Shopify (NASDAQ:SHOP) Upgraded by Zacks Research to Strong-Buy Rating

by · The Markets Daily

Zacks Research upgraded shares of Shopify (NASDAQ:SHOP – Free Report) (TSE:SHOP) from a hold rating to a strong-buy rating in a report issued on Tuesday morning,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. Barclays set a $126.00 price target on Shopify and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Piper Sandler restated an “overweight” rating and issued a $150.00 price objective (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $170.00 target price on shares of Shopify in a research report on Wednesday, May 6th. Robert W. Baird set a $150.00 target price on shares of Shopify in a research note on Wednesday, May 6th. Finally, Bank of America assumed coverage on shares of Shopify in a research report on Tuesday. They set a “buy” rating and a $150.00 price target for the company. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $156.06.

Check Out Our Latest Stock Analysis on Shopify

Shopify Stock Performance

Shares of Shopify stock opened at $119.22 on Tuesday. The stock has a 50 day moving average of $111.07 and a 200 day moving average of $125.59. The firm has a market capitalization of $154.71 billion, a price-to-earnings ratio of 118.04, a PEG ratio of 2.53 and a beta of 2.58. Shopify has a fifty-two week low of $94.00 and a fifty-two week high of $182.19.

Hedge Funds Weigh In On Shopify

Institutional investors have recently bought and sold shares of the company. M&T Bank Corp lifted its stake in Shopify by 37.1% in the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock worth $13,051,000 after acquiring an additional 21,945 shares during the last quarter. Triasima Portfolio Management inc. lifted its position in shares of Shopify by 11.0% during the 4th quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock worth $29,398,000 after purchasing an additional 18,028 shares during the last quarter. Assetmark Inc. grew its stake in shares of Shopify by 6.7% during the fourth quarter. Assetmark Inc. now owns 213,583 shares of the software maker’s stock worth $34,380,000 after purchasing an additional 13,415 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Shopify by 286.6% during the fourth quarter. SG Americas Securities LLC now owns 508,723 shares of the software maker’s stock worth $81,889,000 after purchasing an additional 377,129 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Shopify by 12.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,114 shares of the software maker’s stock valued at $84,689,000 after buying an additional 59,745 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

More Shopify News

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Shopify Company Profile

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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.

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