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

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

Several other equities analysts have also commented on SHOP. The Goldman Sachs Group raised their price target on Shopify from $67.00 to $74.00 and gave the company a buy rating in a research note on Tuesday, May 28th. JMP Securities upgraded shares of Shopify from a market perform rating to an outperform rating and set a $80.00 price objective on the stock in a research note on Thursday, May 9th. Evercore ISI upgraded Shopify from an in-line rating to an outperform rating and set a $75.00 target price for the company in a report on Friday, June 14th. Royal Bank of Canada dropped their price target on Shopify from $100.00 to $85.00 and set an outperform rating on the stock in a research note on Thursday, May 9th. Finally, Barclays decreased their target price on Shopify from $68.00 to $63.00 and set an equal weight rating for the company in a report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $77.62.

Shopify Stock Performance

NYSE SHOP opened at $59.92 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company has a market cap of $77.22 billion, a P/E ratio of -352.47, a P/E/G ratio of 3.44 and a beta of 2.30. The business’s 50 day moving average price is $63.02 and its 200-day moving average price is $71.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.04. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. Sell-side analysts predict that Shopify will post 0.62 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Private Wealth Management Group LLC acquired a new position in shares of Shopify in the 4th quarter valued at $26,000. DSM Capital Partners LLC purchased a new stake in shares of Shopify in the fourth quarter valued at about $28,000. Jones Financial Companies Lllp purchased a new stake in shares of Shopify in the fourth quarter valued at about $28,000. Your Advocates Ltd. LLP boosted 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 worth $31,000 after buying an additional 391 shares during the period. Finally, Cultivar Capital Inc. purchased a new position in shares of Shopify during the second quarter worth about $33,000. Institutional investors and hedge funds 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.