Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective boosted by Piper Sandler from $1,015.00 to $1,300.00 in a report published on Wednesday, The Fly reports. The brokerage currently has an overweight rating on the software maker’s stock. Piper Sandler also issued estimates for Shopify’s Q2 2020 earnings at ($0.68) EPS, Q4 2020 earnings at ($0.42) EPS, FY2020 earnings at ($2.05) EPS, Q1 2021 earnings at ($0.59) EPS, Q2 2021 earnings at ($0.72) EPS, Q3 2021 earnings at ($0.62) EPS, Q4 2021 earnings at ($0.20) EPS and FY2021 earnings at ($2.12) EPS.
A number of other research firms also recently commented on SHOP. KeyCorp restated an overweight rating and issued a $1,125.00 price objective (up previously from $1,000.00) on shares of Shopify in a report on Wednesday, July 22nd. SunTrust Banks increased their price objective on Shopify from $585.00 to $700.00 and gave the stock a hold rating in a report on Thursday, May 7th. ValuEngine downgraded Shopify from a buy rating to a hold rating in a report on Friday, May 1st. Rosenblatt Securities restated a buy rating and issued a $860.00 price objective on shares of Shopify in a report on Thursday, May 28th. Finally, Oppenheimer started coverage on Shopify in a report on Wednesday, May 6th. They set a hold rating on the stock. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $927.71.
NYSE SHOP opened at $1,024.00 on Wednesday. The company has a 50 day simple moving average of $935.14 and a 200-day simple moving average of $641.42. The firm has a market capitalization of $120.08 billion, a price-to-earnings ratio of 14,628.57 and a beta of 1.61. Shopify has a 52-week low of $282.08 and a 52-week high of $1,107.92.
A number of hedge funds have recently modified their holdings of SHOP. Capital World Investors lifted its position in Shopify by 69.1% in the first quarter. Capital World Investors now owns 4,875,199 shares of the software maker’s stock worth $2,032,670,000 after purchasing an additional 1,991,970 shares during the period. Morgan Stanley lifted its position in Shopify by 24.4% in the first quarter. Morgan Stanley now owns 5,356,363 shares of the software maker’s stock worth $2,233,229,000 after purchasing an additional 1,050,841 shares during the period. Norges Bank bought a new position in Shopify in the fourth quarter worth $338,911,000. Advisor Group Holdings Inc. bought a new position in Shopify in the first quarter worth $26,635,000. Finally, Discovery Value Fund lifted its position in Shopify by 200.3% in the first quarter. Discovery Value Fund now owns 698,301 shares of the software maker’s stock worth $291,143,000 after purchasing an additional 465,789 shares during the period. 60.17% of the stock is owned by hedge funds and other institutional investors.
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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