Shopify (NYSE:SHOP) Stock Rating Reaffirmed by Piper Sandler

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “underweight” rating restated by analysts at Piper Sandler in a research note issued on Thursday, Benzinga reports. They currently have a $63.00 price target on the software maker’s stock. Piper Sandler’s price objective points to a potential downside of 9.99% from the company’s current price.

A number of other equities analysts have also weighed in on SHOP. CIBC upped their target price on Shopify from $82.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Robert W. Baird upped their target price on Shopify from $85.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 3rd. DA Davidson increased their price target on Shopify from $86.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 price target on shares of Shopify in a research report on Wednesday, February 14th. Finally, The Goldman Sachs Group increased their price target on Shopify from $67.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. Three equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Shopify currently has an average rating of “Hold” and an average target price of $77.38.

Shopify Price Performance

Shopify stock opened at $69.99 on Thursday. The stock has a market capitalization of $90.05 billion, a price-to-earnings ratio of 777.75 and a beta of 2.22. Shopify has a 52-week low of $45.11 and a 52-week high of $91.57. The stock’s 50 day moving average price is $77.97 and its two-hundred day moving average price is $71.28. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. On average, equities analysts predict that Shopify will post 0.57 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Private Wealth Management Group LLC purchased a new position in Shopify during the 4th quarter valued at about $26,000. SJS Investment Consulting Inc. grew its holdings in Shopify by 59.1% during the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after buying an additional 130 shares in the last quarter. PCA Investment Advisory Services Inc. purchased a new position in Shopify during the 2nd quarter valued at about $27,000. DSM Capital Partners LLC purchased a new position in shares of Shopify during the fourth quarter worth about $28,000. Finally, Jones Financial Companies Lllp purchased a new position in shares of Shopify during the fourth quarter worth about $28,000. Hedge funds and other 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.