Shopify (NYSE:SHOP) Price Target Raised to $94.00 at Piper Sandler

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target hoisted by Piper Sandler from $67.00 to $94.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the software maker’s stock.

Several other research firms have also issued reports on SHOP. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 target price on shares of Shopify in a research report on Monday, October 7th. Royal Bank of Canada raised their target price on shares of Shopify from $85.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Citigroup increased their price target on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Wolfe Research began coverage on Shopify in a research report on Tuesday, July 16th. They set an “outperform” rating and a $80.00 price target on the stock. Finally, Oppenheimer increased their price objective on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.95.

Shopify Stock Performance

SHOP traded down $2.61 during trading on Wednesday, reaching $112.48. 1,221,444 shares of the company’s stock were exchanged, compared to its average volume of 9,302,125. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $115.62. The company has a market capitalization of $145.14 billion, a P/E ratio of 107.60, a PEG ratio of 3.64 and a beta of 2.36. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The business has a 50 day moving average price of $80.36 and a 200 day moving average price of $70.50.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09. Shopify had a return on equity of 11.94% and a net margin of 16.84%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. As a group, analysts predict that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Hedge funds have recently modified their holdings of the stock. Oliver Lagore Vanvalin Investment Group lifted its holdings in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. Cultivar Capital Inc. purchased a new stake in shares of Shopify during the 2nd quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. bought a new position in Shopify in the 2nd quarter worth approximately $33,000. Brooklyn Investment Group purchased a new position in Shopify in the 3rd quarter valued at approximately $33,000. Finally, Rosenberg Matthew Hamilton raised its holdings in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the period. Institutional investors 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.