Piper Sandler Boosts Shopify (NYSE:SHOP) Price Target to $67.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective boosted by Piper Sandler from $63.00 to $67.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a neutral rating on the software maker’s stock.

SHOP has been the subject of several other research reports. Benchmark reiterated a hold rating on shares of Shopify in a research note on Tuesday, May 7th. StockNews.com upgraded Shopify from a sell rating to a hold rating in a research note on Wednesday, April 24th. JPMorgan Chase & Co. assumed coverage on Shopify in a research note on Tuesday, June 11th. They set an overweight rating and a $74.00 price target for the company. TD Securities lowered their price objective on shares of Shopify from $80.00 to $72.00 and set a hold rating on the stock in a research report on Thursday, May 9th. Finally, Wolfe Research assumed coverage on shares of Shopify in a research report on Tuesday, July 16th. They set an outperform rating and a $80.00 price objective for the company. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $77.62.

Shopify Trading Up 0.8 %

NYSE:SHOP opened at $59.94 on Wednesday. The company has a market capitalization of $77.24 billion, a PE ratio of -352.59, a P/E/G ratio of 3.44 and a beta of 2.30. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. The stock’s 50 day moving average price is $63.02 and its 200 day moving average price is $71.32. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.84 billion. On average, research analysts anticipate that Shopify will post 0.62 EPS for the current year.

Hedge Funds Weigh In On Shopify

A number of institutional investors have recently made changes to their positions in the stock. Private Wealth Management Group LLC purchased a new stake in Shopify during the 4th quarter worth about $26,000. DSM Capital Partners LLC purchased a new stake in shares of Shopify during the fourth quarter worth about $28,000. Jones Financial Companies Lllp acquired a new position in shares of Shopify in the fourth quarter valued at approximately $28,000. Your Advocates Ltd. LLP lifted its stake in shares of Shopify by 4,344.4% during the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after buying an additional 391 shares during the period. Finally, OLD Point Trust & Financial Services N A acquired a new stake in Shopify during the fourth quarter worth approximately $39,000. 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.