Shopify sees raised price targets and institutional buying

Shopify Inc. is seeing renewed interest from analysts and institutional investors ahead of its upcoming quarterly earnings reports. Seaport Research has maintained a “buy” rating for the e-commerce specialist, raising its price target from $175 to $180. Analyst Jeff Cantwell noted that the fintech sector appears to be in a favorable position leading into the third-quarter results.

In recent regulatory filings, Mn Services Vermogensbeheer B. V. increased its position in Shopify by 1.9% during the third quarter, bringing its total holdings to 364,072 shares valued at approximately $54 million. Other institutional investors, including Evolution Wealth Management Inc. and Roxbury Financial LLC, have also reported increases in their stakes. While Barclays has maintained an “equal weight” rating with a $145 target, Mizuho has set a price target of $180.