Piper Sandler Upgrades Shopify (NYSE:SHOP) to “Neutral”

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by analysts at Piper Sandler from an “underweight” rating to a “neutral” rating in a note issued to investors on Thursday, Briefing.com reports. The brokerage presently has a $63.00 target price on the software maker’s stock. Piper Sandler’s price target would suggest a potential upside of 0.30% from the stock’s previous close.

A number of other research analysts have also recently issued reports on SHOP. Citigroup raised Shopify from a “neutral” rating to a “buy” rating and lifted their price target for the company from $93.00 to $105.00 in a report on Monday, April 29th. National Bankshares boosted their price objective on shares of Shopify from $80.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. Wedbush reissued a “neutral” rating and issued a $68.00 target price on shares of Shopify in a research note on Tuesday, February 13th. Roth Capital upped their price target on Shopify from $85.00 to $89.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Finally, StockNews.com raised shares of Shopify from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $79.22.

Shopify Price Performance

NYSE:SHOP opened at $62.81 on Thursday. The firm has a market cap of $80.81 billion, a PE ratio of 697.89 and a beta of 2.20. The company’s 50-day moving average price is $74.74 and its two-hundred day moving average price is $73.78. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. Shopify has a 12 month low of $45.50 and a 12 month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. On average, equities analysts anticipate that Shopify will post 0.59 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHOP. Advisor Partners II LLC boosted its holdings in shares of Shopify by 11.2% in the 3rd quarter. Advisor Partners II LLC now owns 21,260 shares of the software maker’s stock valued at $1,160,000 after buying an additional 2,136 shares during the last quarter. Portside Wealth Group LLC increased its stake in shares of Shopify by 15.4% during the 3rd quarter. Portside Wealth Group LLC now owns 9,283 shares of the software maker’s stock worth $507,000 after purchasing an additional 1,240 shares during the last quarter. Financial Advocates Investment Management raised its holdings in shares of Shopify by 2.9% in the 3rd quarter. Financial Advocates Investment Management now owns 47,076 shares of the software maker’s stock valued at $2,569,000 after purchasing an additional 1,316 shares during the period. Assetmark Inc. lifted its stake in Shopify by 16.0% in the 3rd quarter. Assetmark Inc. now owns 40,636 shares of the software maker’s stock valued at $2,218,000 after purchasing an additional 5,611 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Shopify by 68,983.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 186,526 shares of the software maker’s stock worth $10,179,000 after purchasing an additional 186,256 shares during the period. 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.