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

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

SHOP has been the topic of several other research reports. Truist Financial upped their price objective on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Benchmark upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a research report on Monday. Canaccord Genuity Group lifted their price objective on Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Mizuho boosted their price objective on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Finally, New Street Research began coverage on shares of Shopify in a research report on Friday, January 10th. They issued a “neutral” rating and a $115.00 target price for the company. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $104.66.

Shopify Price Performance

Shares of SHOP opened at $123.98 on Wednesday. The company has a 50 day moving average price of $111.05 and a 200-day moving average price of $91.37. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The stock has a market capitalization of $160.19 billion, a PE ratio of 115.87, a PEG ratio of 2.49 and a beta of 2.47. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $125.95.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. Equities analysts predict that Shopify will post 0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Institutional investors and hedge funds have recently modified their holdings of the company. PFG Private Wealth Management LLC increased its stake in shares of Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after acquiring an additional 256 shares during the last quarter. Mark Sheptoff Financial Planning LLC grew its holdings in Shopify by 50.0% in the fourth 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. Brooklyn Investment Group acquired a new position in Shopify during the third quarter worth approximately $33,000. Rosenberg Matthew Hamilton raised its stake in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the period. Finally, New Wave Wealth Advisors LLC acquired a new position in shares of Shopify in the 4th quarter valued at $39,000. 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.