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

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price raised by Piper Sandler from $94.00 to $104.00 in a research report report published on Wednesday, Marketbeat.com reports. The firm currently has a neutral rating on the software maker’s stock.

Several other equities analysts also recently weighed in on SHOP. Wells Fargo & Company increased their target price on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Canaccord Genuity Group increased their price target on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Royal Bank of Canada reissued an “outperform” rating and set a $130.00 price objective on shares of Shopify in a research note on Wednesday, January 22nd. Finally, Robert W. Baird increased their target price on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $126.21.

Shopify Stock Up 0.6 %

Shares of NYSE:SHOP opened at $128.36 on Wednesday. The company has a market capitalization of $165.85 billion, a P/E ratio of 119.96, a P/E/G ratio of 2.49 and a beta of 2.47. The stock’s fifty day simple moving average is $111.70 and its 200-day simple moving average is $92.27. Shopify has a 52-week low of $48.56 and a 52-week high of $128.57. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Allianz SE bought a new position in Shopify in the fourth quarter worth about $27,000. PFG Private Wealth Management LLC lifted its holdings in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after purchasing an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC boosted its position in Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after purchasing an additional 100 shares during the period. Brooklyn Investment Group bought a new position in Shopify during the 3rd quarter worth $33,000. Finally, Rosenberg Matthew Hamilton increased its position in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares during the period. 69.27% of the stock is 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.