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

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP's stock had its "underweight" rating reiterated by Piper Sandler in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $63.00 target price on the software maker's stock. Piper Sandler's target price indicates a potential downside of 11.93% from the stock's previous close.

Several other equities analysts also recently issued reports on the company. Truist Financial boosted their price objective on Shopify from $65.00 to $90.00 and gave the stock a "hold" rating in a research report on Monday, February 12th. BNP Paribas lowered Shopify from a "neutral" rating to an "underperform" rating in a report on Thursday, January 18th. Mizuho upped their price objective on shares of Shopify from $65.00 to $75.00 and gave the stock a "neutral" rating in a report on Wednesday, February 14th. CIBC raised their target price on shares of Shopify from $82.00 to $100.00 and gave the company an "outperform" rating in a research note on Wednesday, February 7th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $100.00 price target on shares of Shopify in a research note on Wednesday, February 14th. Three equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $77.38.

Shopify Stock Performance

Shares of NYSE:SHOP traded down $0.45 during trading on Thursday, reaching $71.53. 11,724,908 shares of the company's stock traded hands, compared to its average volume of 9,537,832. The stock has a market capitalization of $92.03 billion, a P/E ratio of 794.78 and a beta of 2.22. Shopify has a 12 month low of $45.11 and a 12 month high of $91.57. The company has a 50 day moving average of $78.33 and a 200-day moving average of $71.16. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.04. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. On average, equities analysts expect that Shopify will post 0.57 EPS for the current year.

Institutional Investors Weigh In On Shopify

Hedge funds have recently bought and sold shares of the company. Norges Bank acquired a new position in Shopify during the 4th quarter valued at $1,049,089,000. Capital World Investors raised its holdings in Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker's stock valued at $3,071,197,000 after acquiring an additional 8,789,411 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in shares of Shopify in the 4th quarter worth approximately $432,659,000. Artisan Partners Limited Partnership grew its holdings in shares of Shopify by 78.4% during the 3rd quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker's stock worth $262,462,000 after purchasing an additional 2,113,773 shares in the last quarter. Finally, Legal & General Group Plc increased its position in shares of Shopify by 30.2% during the fourth quarter. Legal & General Group Plc now owns 8,066,800 shares of the software maker's stock valued at $631,054,000 after purchasing an additional 1,870,515 shares during the period. 69.27% of the stock is currently owned by institutional investors.

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.