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

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective lifted by research analysts at Piper Sandler from $94.00 to $104.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the software maker’s stock. Piper Sandler’s price target indicates a potential downside of 16.12% from the company’s current price.

Other analysts also recently issued research reports about the stock. Truist Financial raised their price target on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Robert W. Baird raised their price objective on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. JMP Securities reiterated a “market outperform” rating and issued a $120.00 price target on shares of Shopify in a research note on Thursday, December 12th. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, Moffett Nathanson upped their price target on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $104.66.

Shopify Stock Performance

NYSE:SHOP opened at $123.98 on Wednesday. Shopify has a twelve month low of $48.56 and a twelve month high of $125.95. The firm has a market capitalization of $160.19 billion, a price-to-earnings ratio of 115.87, a PEG ratio of 2.49 and a beta of 2.47. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm’s fifty day simple moving average is $111.05 and its 200 day simple moving average is $91.37.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate 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 expect that Shopify will post 0.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Mufg Securities Canada LTD. raised its holdings in Shopify by 72.4% during the 4th quarter. Mufg Securities Canada LTD. now owns 1,852,031 shares of the software maker’s stock valued at $196,984,000 after acquiring an additional 777,696 shares during the period. Mark Sheptoff Financial Planning LLC raised its stake in shares of 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. Murphy & Mullick Capital Management Corp purchased a new stake in Shopify during the 4th quarter worth about $160,000. Mitsubishi UFJ Trust & Banking Corp grew its stake in Shopify by 4.3% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 975,362 shares of the software maker’s stock valued at $103,718,000 after acquiring an additional 40,588 shares in the last quarter. Finally, Keystone Investors PTE Ltd. bought a new position in Shopify in the 4th quarter worth about $2,049,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.