Shopify (NASDAQ:SHOP) Given a $155.00 Price Target by National Bank Financial Analysts

Shopify (NASDAQ:SHOP) (TSE:SHOP) has been given a $155.00 price target by equities research analysts at National Bank Financial in a report released on Monday,BayStreet.CA reports. The firm currently has an “outperform” rating on the software maker’s stock. National Bank Financial’s price target points to a potential upside of 22.28% from the company’s previous close.

Several other brokerages have also recently weighed in on SHOP. Royal Bank Of Canada restated an “outperform” rating on shares of Shopify in a report on Monday. Citizens Jmp reduced their price target on Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. Susquehanna assumed coverage on Shopify in a research report on Friday, July 10th. They set a “neutral” rating on the stock. Morgan Stanley cut Shopify from an “overweight” rating to a “buy” rating in a research note on Monday, July 13th. Finally, Stifel Nicolaus set a $150.00 price objective on Shopify and gave the company a “buy” rating in a report on Thursday, July 9th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $157.58.

Shopify Stock Performance

Shopify stock traded up $3.20 during mid-day trading on Monday, reaching $126.76. The company’s stock had a trading volume of 5,114,020 shares, compared to its average volume of 10,616,512. Shopify has a 12 month low of $94.00 and a 12 month high of $182.19. The business’s 50 day simple moving average is $112.47 and its 200 day simple moving average is $123.35. The company has a market capitalization of $164.49 billion, a price-to-earnings ratio of 125.51, a price-to-earnings-growth ratio of 2.68 and a beta of 2.58.

Hedge Funds Weigh In On Shopify

Several institutional investors and hedge funds have recently modified their holdings of SHOP. Kingdom Financial Group LLC. acquired a new stake in Shopify during the fourth quarter worth approximately $26,000. Curio Wealth LLC bought a new stake in shares of Shopify during the 4th quarter valued at $27,000. Evolution Wealth Management Inc. lifted its position in shares of Shopify by 203.9% during the 1st quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock valued at $27,000 after acquiring an additional 155 shares during the period. Graney & King LLC acquired a new stake in shares of Shopify during the 1st quarter worth $27,000. Finally, Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Shopify in the fourth quarter worth $29,000. 69.27% of the stock is currently 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.