Shopify (NYSE:SHOP) Price Target Raised to $104.00 at Piper Sandler

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective raised by equities research analysts at Piper Sandler from $94.00 to $104.00 in a report issued on Wednesday, MarketBeat Ratings reports. The firm presently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price target would indicate a potential downside of 18.52% from the company’s current price.

SHOP has been the topic of a number of other reports. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Barclays upped their price objective on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Citigroup increased their target price on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday. Mizuho increased their target price on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Finally, New Street Research began coverage on Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $125.14.

Shopify Price Performance

SHOP stock opened at $127.65 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The business has a 50 day simple moving average of $111.43 and a 200-day simple moving average of $92.02. The firm has a market capitalization of $164.93 billion, a PE ratio of 119.30, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. Shopify has a 1 year low of $48.56 and a 1 year high of $128.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. Equities research analysts anticipate that Shopify will post 0.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of hedge funds and other institutional investors have recently modified their holdings of SHOP. GAMMA Investing LLC increased its stake in shares of Shopify by 73.5% during the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after purchasing an additional 253 shares in the last quarter. CWM LLC grew its stake in Shopify by 14.9% in the 3rd quarter. CWM LLC now owns 14,097 shares of the software maker’s stock worth $1,130,000 after acquiring an additional 1,832 shares during the period. Creative Planning grew its stake in Shopify by 4.4% in the 3rd quarter. Creative Planning now owns 392,415 shares of the software maker’s stock worth $31,448,000 after acquiring an additional 16,375 shares during the period. NBC Securities Inc. boosted its holdings in shares of Shopify by 32.2% in the 3rd quarter. NBC Securities Inc. now owns 8,808 shares of the software maker’s stock valued at $705,000 after purchasing an additional 2,146 shares during the last quarter. Finally, Prospect Financial Services LLC acquired a new position in shares of Shopify in the 3rd quarter valued at $288,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.