Shares of Shopify Inc. (NYSE:SHOP – Get Free Report) (TSE:SHOP) gapped up before the market opened on Tuesday . The stock had previously closed at $89.99, but opened at $107.52. Shopify shares last traded at $109.84, with a volume of 16,235,688 shares.
Analyst Ratings Changes
A number of brokerages have recently commented on SHOP. Citigroup lifted their price target on shares of Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Piper Sandler reaffirmed a “neutral” rating and set a $67.00 price target on shares of Shopify in a research report on Thursday, August 29th. Truist Financial reduced their target price on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. Barclays lifted their price target on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Finally, Evercore lifted their price target on shares of Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.03.
Check Out Our Latest Analysis on SHOP
Shopify Stock Up 26.3 %
Institutional Investors Weigh In On Shopify
A number of large investors have recently added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group lifted its position in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the period. Cultivar Capital Inc. bought a new stake in shares of Shopify in the 2nd quarter valued at about $33,000. Hazlett Burt & Watson Inc. acquired a new position in Shopify during the 2nd quarter worth approximately $33,000. Rosenberg Matthew Hamilton boosted its holdings in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Shopify during the 2nd quarter valued at $39,000. Institutional investors 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.
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