Piper Sandler Boosts Shopify (NYSE:SHOP) Price Target to $94.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by Piper Sandler from $67.00 to $94.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price target would suggest a potential downside of 13.82% from the company’s current price.

SHOP has been the topic of a number of other research reports. Truist Financial dropped their target price on Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Scotiabank boosted their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and raised their target price for the stock from $78.00 to $82.00 in a research note on Tuesday, July 16th. Citigroup boosted their price target on shares of Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Finally, DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $94.95.

Shopify Stock Down 5.2 %

Shares of NYSE:SHOP opened at $109.08 on Wednesday. Shopify has a 1-year low of $48.56 and a 1-year high of $115.62. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The stock has a market cap of $140.76 billion, a P/E ratio of 101.94, a P/E/G ratio of 3.64 and a beta of 2.36. The firm has a fifty day moving average price of $80.36 and a 200 day moving average price of $70.50.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.09. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. Shopify had a net margin of 16.84% and a return on equity of 11.94%. Sell-side analysts predict that Shopify will post 0.76 EPS for the current year.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently made changes to their positions in the business. Oliver Lagore Vanvalin Investment Group boosted its stake in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new position in shares of Shopify during the 2nd quarter worth about $33,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of Shopify in the second quarter worth approximately $33,000. Brooklyn Investment Group purchased a new stake in Shopify in the third quarter valued at approximately $33,000. Finally, Rosenberg Matthew Hamilton increased its position in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.