Citigroup Cuts Shopify (NASDAQ:SHOP) Price Target to $150.00

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price objective reduced by investment analysts at Citigroup from $156.00 to $150.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. Citigroup’s price objective would indicate a potential upside of 32.00% from the stock’s previous close.

Several other research firms have also recently weighed in on SHOP. BTIG Research started coverage on Shopify in a report on Friday, July 10th. They set a “buy” rating on the stock. Morgan Stanley downgraded Shopify from an “overweight” rating to a “buy” rating in a research note on Monday, July 13th. Jefferies Financial Group upgraded shares of Shopify from a “hold” rating to a “buy” rating and boosted their target price for the company from $140.00 to $160.00 in a research report on Sunday, July 12th. Robert W. Baird set a $150.00 price target on shares of Shopify in a research report on Wednesday, May 6th. Finally, Bank of America began coverage on Shopify in a research note on Tuesday, July 7th. They issued a “buy” rating and a $150.00 price objective for the company. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $157.69.

Shopify Stock Up 1.5%

Shares of NASDAQ SHOP traded up $1.64 during trading on Friday, reaching $113.64. 5,209,409 shares of the company traded hands, compared to its average volume of 10,543,984. The firm has a 50 day simple moving average of $114.12 and a 200-day simple moving average of $122.19. Shopify has a 52-week low of $94.00 and a 52-week high of $182.19. The stock has a market capitalization of $147.47 billion, a PE ratio of 112.52, a P/E/G ratio of 2.55 and a beta of 2.58.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently bought and sold shares of SHOP. Brighton Jones LLC raised its holdings in Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after acquiring an additional 584 shares during the period. AQR Capital Management LLC grew its position in shares of Shopify by 107.3% in the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after purchasing an additional 7,544 shares in the last quarter. Sivia Capital Partners LLC grew its position in shares of Shopify by 6.6% in the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after purchasing an additional 506 shares in the last quarter. Osterweis Capital Management Inc. bought a new stake in shares of Shopify during the 2nd quarter valued at $53,000. Finally, Main Street Financial Solutions LLC lifted its holdings in Shopify by 15.3% during the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock worth $1,284,000 after purchasing an additional 1,479 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.