Shopify (NASDAQ:SHOP) Price Target Raised to $176.00 at Wedbush

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price target increased by equities researchers at Wedbush from $155.00 to $176.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the software maker’s stock. Wedbush’s target price would indicate a potential upside of 20.21% from the stock’s current price.

Several other brokerages also recently commented on SHOP. Oppenheimer reaffirmed an “outperform” rating and set a $175.00 price objective on shares of Shopify in a research report on Wednesday, May 6th. National Bank Financial reissued an “outperform” rating on shares of Shopify in a report on Wednesday. Bank of America began coverage on shares of Shopify in a report on Tuesday, July 7th. They issued a “buy” rating and a $150.00 price target for the company. Jefferies Financial Group reissued a “buy” rating and set a $175.00 price objective on shares of Shopify in a research note on Wednesday. Finally, Zacks Research upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $167.06.

Shopify Stock Performance

NASDAQ:SHOP traded up $2.17 during mid-day trading on Thursday, hitting $146.41. 6,797,960 shares of the stock were exchanged, compared to its average volume of 10,804,616. The firm’s 50-day simple moving average is $117.98 and its 200 day simple moving average is $119.65. Shopify has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The stock has a market capitalization of $189.99 billion, a price-to-earnings ratio of 144.96, a price-to-earnings-growth ratio of 2.66 and a beta of 2.58.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.02. The firm had revenue of $3.58 billion during the quarter. Shopify had a return on equity of 12.07% and a net margin of 10.77%.Shopify’s revenue was up 33.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.69 earnings per share. On average, analysts predict that Shopify will post 1.4 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several hedge funds have recently modified their holdings of the stock. M&T Bank Corp lifted its position in shares of Shopify by 37.1% during the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock worth $13,051,000 after purchasing an additional 21,945 shares in the last quarter. Triasima Portfolio Management inc. boosted its position in Shopify by 11.0% in the 4th quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock valued at $29,398,000 after buying 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 valued at $34,380,000 after acquiring an additional 13,415 shares in the last quarter. Norris Financial Group LLC acquired a new position in shares of Shopify in the first quarter worth about $1,586,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Shopify by 12.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,114 shares of the software maker’s stock valued at $84,689,000 after purchasing an additional 59,745 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Key Shopify News

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Q2 results exceeded expectations: Shopify reported revenue of $3.58 billion, up 33.7% year over year, and adjusted earnings of $0.42 per share versus the $0.40 consensus estimate. Gross merchandise volume, gross profit, and free cash flow also grew more than 30%, while free-cash-flow margin reached 18%. Shopify Delivers Big: 30%+ Growth Across GMV, Revenue, Gross Profit, and Free Cash Flow
• Positive Sentiment: Upbeat guidance supports continued momentum: Shopify forecast third-quarter revenue of approximately $3.7 billion to $3.8 billion, implying low-30% growth and exceeding Wall Street’s roughly $3.6 billion estimate. The outlook helped reinforce expectations for sustained demand across subscriptions and merchant services. Shopify expects Q3 revenue growth in the low 30s as it expands agentic commerce infrastructure
• Positive Sentiment: AI is currently adding rather than removing demand: AI-referred traffic and orders to Shopify merchants reportedly tripled year over year. Management said platforms such as ChatGPT and Gemini are directing shoppers to stores, while Shopify is expanding agentic-commerce tools and AI integration. Shopify’s AI Traffic Triples as Shoppers Skip the Search Bar
• Positive Sentiment: Analysts raised targets following the report: Goldman Sachs lifted its target to $194 and maintained a Buy rating; Citizens JMP raised its target to $185 with a Market Outperform rating; and Benchmark increased its target to $170 with a Buy rating. Shopify Analysts Increase Their Forecasts Following Upbeat Q2 Earnings
• Neutral Sentiment: Valuation remains a consideration: Cantor Fitzgerald raised its target to $145 but retained a Neutral rating, suggesting limited upside at recent levels and caution after the sharp post-earnings advance. Shopify price target raised by Cantor Fitzgerald

Shopify Company Profile

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.