Shopify (NYSE:SHOP) Upgraded at Piper Sandler

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP was upgraded by analysts at Piper Sandler from an "underweight" rating to a "neutral" rating in a report released on Thursday, MarketBeat Ratings reports. The brokerage currently has a $63.00 target price on the software maker's stock. Piper Sandler's price objective would suggest a potential upside of 0.85% from the company's current price.

Several other equities research analysts have also recently weighed in on the company. Wells Fargo & Company decreased their target price on Shopify from $90.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday, February 14th. Citigroup raised shares of Shopify from a "neutral" rating to a "buy" rating and increased their target price for the company from $93.00 to $105.00 in a research report on Monday, April 29th. StockNews.com upgraded shares of Shopify from a "sell" rating to a "hold" rating in a research note on Wednesday, April 24th. Robert W. Baird lifted their target price on Shopify from $85.00 to $87.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 3rd. Finally, Roth Capital upped their target price on Shopify from $85.00 to $89.00 and gave the company a "buy" rating in a research report on Wednesday, February 14th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, Shopify currently has an average rating of "Hold" and an average target price of $76.53.

Shopify Stock Down 0.4 %

NYSE:SHOP traded down $0.26 during midday trading on Thursday, reaching $62.47. The company had a trading volume of 19,793,221 shares, compared to its average volume of 9,943,693. The firm has a market capitalization of $80.37 billion, a price-to-earnings ratio of 694.11 and a beta of 2.20. The stock's fifty day simple moving average is $74.48 and its 200-day simple moving average is $73.70. Shopify has a 12-month low of $45.50 and a 12-month high of $91.57. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.04. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. On average, sell-side analysts anticipate that Shopify will post 0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of hedge funds and other institutional investors have recently modified their holdings of SHOP. Private Wealth Management Group LLC acquired a new position in shares of Shopify during the 4th quarter worth approximately $26,000. SJS Investment Consulting Inc. raised its position in shares of Shopify by 59.1% during the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker's stock worth $27,000 after purchasing an additional 130 shares during the last quarter. DSM Capital Partners LLC acquired a new position in shares of Shopify during the 4th quarter worth approximately $28,000. Jones Financial Companies Lllp acquired a new position in shares of Shopify during the 4th quarter worth approximately $28,000. Finally, Your Advocates Ltd. LLP raised its position in shares of Shopify by 4,344.4% during the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker's stock worth $31,000 after purchasing an additional 391 shares during the last quarter. 69.27% of the stock is currently 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.