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

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

Other equities research analysts have also issued reports about the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $130.00 target price on shares of Shopify in a report on Wednesday, January 22nd. Benchmark raised Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a research note on Monday. Canaccord Genuity Group lifted their price objective on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Wells Fargo & Company upped their target price on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group raised their price target on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $125.14.

Shopify Stock Down 2.5 %

Shares of SHOP opened at $120.46 on Wednesday. The business’s fifty day moving average price is $111.29 and its two-hundred day moving average price is $91.82. The firm has a market capitalization 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 52 week low of $48.56 and a 52 week 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 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%. On average, analysts predict that Shopify will post 0.91 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Institutional investors have recently added to or reduced their stakes in the stock. Tidemark LLC boosted its position in Shopify by 3.6% in the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock valued at $276,000 after buying an additional 90 shares in the last quarter. Howland Capital Management LLC increased its holdings in Shopify by 2.0% in the 4th quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock worth $526,000 after purchasing an additional 99 shares in the last quarter. Trust Co. of Vermont raised its position in Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after purchasing an additional 100 shares during the last quarter. First United Bank & Trust boosted its stake in shares of Shopify by 2.2% during the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after purchasing an additional 100 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC grew its holdings in shares of Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares during the last quarter. 69.27% of the stock is currently 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.