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

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective raised by equities research analysts at Piper Sandler from $67.00 to $94.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the software maker’s stock. Piper Sandler’s target price points to a potential downside of 13.16% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. UBS Group lifted their price objective on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Barclays lifted their price objective on Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Citigroup lifted their price objective on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Finally, Wells Fargo & Company boosted their price target on Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $85.11.

Shopify Price Performance

SHOP stock opened at $108.24 on Wednesday. Shopify has a 52-week low of $48.56 and a 52-week high of $114.51. The stock’s fifty day simple moving average is $78.73 and its 200-day simple moving average is $69.92. 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 stock has a market capitalization of $139.67 billion, a price-to-earnings ratio of 110.45, a price-to-earnings-growth ratio of 3.01 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.09. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Equities research analysts expect that Shopify will post 0.76 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SHOP. GQG Partners LLC raised its holdings in Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after acquiring an additional 13,885,473 shares during the period. Capital World Investors raised its holdings in Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares during the period. Baillie Gifford & Co. raised its holdings in Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after acquiring an additional 5,982,434 shares during the period. Finally, Mackenzie Financial Corp increased its holdings in shares of Shopify by 49.9% during the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after purchasing an additional 2,102,939 shares during the period. 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.