Shopify (NYSE:SHOP) Given New $104.00 Price Target at Piper Sandler

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective hoisted by Piper Sandler from $94.00 to $104.00 in a report published on Wednesday, Marketbeat.com reports. They currently have a neutral rating on the software maker’s stock.

A number of other equities research analysts also recently issued reports on SHOP. Royal Bank of Canada reiterated an “outperform” rating and issued a $130.00 target price on shares of Shopify in a research report on Wednesday, January 22nd. Truist Financial lifted their price target on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Scotiabank increased their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st. Finally, Citigroup raised their price target on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $125.14.

Shopify Trading Down 2.5 %

NYSE SHOP opened at $120.46 on Wednesday. The firm’s 50 day moving average price is $111.29 and its two-hundred day moving average price is $91.82. The stock has a market cap of $155.65 billion, a price-to-earnings ratio of 112.58, a PEG ratio of 2.49 and a beta of 2.47. Shopify has a twelve month low of $48.56 and a twelve month high of $125.95. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10.

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

Hedge Funds Weigh In On Shopify

Hedge funds have recently modified their holdings of the stock. Baillie Gifford & Co. grew its position in Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the period. Vanguard Group Inc. grew its holdings in shares of Shopify by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock worth $5,010,721,000 after purchasing an additional 781,162 shares during the last quarter. FMR LLC increased its position in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after purchasing an additional 7,316,862 shares during the last quarter. Finally, Norges Bank acquired a new position in Shopify in the fourth quarter valued at about $1,542,262,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Company Profile

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.