Shopify (NYSE:SHOP) Stock Price Expected to Rise, Piper Sandler Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target lifted by Piper Sandler from $67.00 to $94.00 in a report published on Wednesday,Benzinga reports. Piper Sandler currently has a neutral rating on the software maker’s stock.

SHOP has been the topic of a number of other reports. UBS Group increased their price objective on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $70.00 target price on shares of Shopify in a research note on Monday, October 7th. Barclays lifted their target price on Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Roth Mkm raised their price target on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Finally, Truist Financial lowered their price objective on shares of Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Trading Down 0.5 %

Shares of SHOP opened at $108.49 on Wednesday. The company’s fifty day simple moving average is $81.97 and its 200-day simple moving average is $71.02. The company has a market cap of $139.99 billion, a P/E ratio of 101.39, a P/E/G ratio of 3.45 and a beta of 2.36. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify has a twelve month low of $48.56 and a twelve month high of $115.62.

Institutional Trading of Shopify

Several institutional investors have recently bought and sold shares of SHOP. Oliver Lagore Vanvalin Investment Group raised its stake in shares of Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares during the period. Cultivar Capital Inc. acquired a new position in Shopify during the second quarter worth $33,000. Hazlett Burt & Watson Inc. purchased a new position in Shopify during the second quarter valued at $33,000. Brooklyn Investment Group acquired a new stake in shares of Shopify in the third quarter valued at about $33,000. Finally, Rosenberg Matthew Hamilton increased its stake in shares of 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 in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

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.