Shopify Inc. (SHOP) Price Target Increased to $63.00 by Analysts at Monness Crespi & Hardt

Shopify Inc. (NYSE:SHOP) (TSE:SH) had its target price lifted by Monness Crespi & Hardt from $50.00 to $63.00 in a report issued on Monday morning. The firm currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on SHOP. Mackie assumed coverage on shares of Shopify in a research note on Tuesday, November 29th. They issued a buy rating and a $60.00 price target on the stock. Piper Jaffray Companies reiterated a buy rating and issued a $50.00 price target on shares of Shopify in a research note on Wednesday, November 2nd. BTIG Research assumed coverage on shares of Shopify in a research note on Wednesday, November 16th. They issued a buy rating on the stock. Summit Redstone reiterated a hold rating on shares of Shopify in a research note on Thursday, December 8th. Finally, Oppenheimer Holdings, Inc. assumed coverage on shares of Shopify in a research note on Friday, December 2nd. They issued a market perform rating on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $50.13.

Shares of Shopify (NYSE:SHOP) traded up 3.33% during trading on Monday, reaching $57.06. 436,997 shares of the company’s stock traded hands. Shopify has a 52-week low of $18.58 and a 52-week high of $57.16. The company’s 50-day moving average is $48.94 and its 200 day moving average is $43.00. The company’s market cap is $5.08 billion.

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Several hedge funds and other institutional investors have recently bought and sold shares of SHOP. FMR LLC increased its position in Shopify by 0.6% in the fourth quarter. FMR LLC now owns 11,400,390 shares of the company’s stock worth $488,735,000 after buying an additional 72,765 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Shopify by 53.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,635,131 shares of the company’s stock worth $70,033,000 after buying an additional 569,800 shares in the last quarter. Whale Rock Capital Management LLC increased its stake in shares of Shopify by 41.8% in the third quarter. Whale Rock Capital Management LLC now owns 1,402,861 shares of the company’s stock worth $60,211,000 after buying an additional 413,323 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Shopify by 106.8% in the third quarter. Bank of New York Mellon Corp now owns 954,041 shares of the company’s stock worth $40,948,000 after buying an additional 492,619 shares in the last quarter. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Shopify during the third quarter worth about $37,184,000. Hedge funds and other institutional investors own 69.10% of the company’s stock.

About Shopify

Shopify Inc is a Canada-based company engaged in the offering cloud-based, multi-channel commerce platform. The Company’s platform is designed for small and medium-sized businesses. Using a single interface, the Company’s merchants can design, set up and manage their business across multiple sales channels, including Web and mobile storefronts, social media storefronts and physical retail locations.

5 Day Chart for NYSE:SHOP

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