Piper Sandler Issues Positive Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price raised by research analysts at Piper Sandler from $67.00 to $94.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price objective points to a potential downside of 13.16% from the stock’s current price.

SHOP has been the subject of several other research reports. Robert W. Baird upped their target price on shares of Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. upped their target price on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Wolfe Research began coverage on shares of Shopify in a research note on Tuesday, July 16th. They set an “outperform” rating and a $80.00 price objective for the company. Finally, Wells Fargo & Company increased their price objective on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, sixteen have given 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 data from MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.11.

Shopify Stock Up 20.3 %

Shares of SHOP opened at $108.24 on Wednesday. The company has a market capitalization of $139.67 billion, a P/E ratio of 110.45, a PEG ratio of 3.01 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify has a one year low of $48.56 and a one year high of $114.51. The business’s 50 day simple moving average is $78.73 and its 200-day simple moving average is $69.92.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion. As a group, sell-side analysts predict that Shopify will post 0.76 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently modified their holdings of the business. Moser Wealth Advisors LLC lifted its holdings in shares of Shopify by 1.4% during the third quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock worth $755,000 after purchasing an additional 128 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in Shopify by 7.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after buying an additional 129 shares during the last quarter. Rosenberg Matthew Hamilton raised its stake 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 buying an additional 133 shares during the last quarter. CVA Family Office LLC raised its stake in Shopify by 11.8% during the third quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock worth $109,000 after buying an additional 143 shares during the last quarter. Finally, Twin Peaks Wealth Advisors LLC raised its stake in Shopify by 3.5% during the third quarter. Twin Peaks Wealth Advisors LLC now owns 4,282 shares of the software maker’s stock worth $343,000 after buying an additional 145 shares during the last quarter. Institutional investors and hedge funds 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.