Piper Sandler Reaffirms Underweight Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “underweight” rating reissued by analysts at Piper Sandler in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $63.00 price objective on the software maker’s stock. Piper Sandler’s price target would indicate a potential downside of 9.99% from the company’s current price.

A number of other equities research analysts have also recently commented on SHOP. Roth Capital increased their target price on Shopify from $85.00 to $89.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. StockNews.com raised Shopify from a “sell” rating to a “hold” rating in a report on Saturday, January 27th. Truist Financial upped their price target on Shopify from $65.00 to $90.00 and gave the company a “hold” rating in a report on Monday, February 12th. Citigroup lowered their price target on Shopify from $96.00 to $93.00 and set a “neutral” rating on the stock in a report on Wednesday, February 14th. Finally, Wedbush reaffirmed a “neutral” rating and set a $68.00 price target on shares of Shopify in a report on Tuesday, February 13th. Three analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Shopify has a consensus rating of “Hold” and a consensus price target of $77.38.

Shopify Trading Down 2.2 %

NYSE SHOP opened at $69.99 on Thursday. Shopify has a 12 month low of $45.11 and a 12 month high of $91.57. The stock has a market cap of $90.05 billion, a P/E ratio of 777.75 and a beta of 2.22. The stock’s fifty day moving average price is $77.97 and its 200-day moving average price is $71.28. 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) (TSE:SHOP) last released its 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 firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. As a group, equities analysts forecast that Shopify will post 0.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Fairfield Bush & CO. bought a new position in shares of Shopify during the first quarter worth $169,000. Raymond James Trust N.A. boosted its position in shares of Shopify by 26.5% during the first quarter. Raymond James Trust N.A. now owns 754 shares of the software maker’s stock worth $510,000 after acquiring an additional 158 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Shopify by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 30,166 shares of the software maker’s stock worth $20,391,000 after acquiring an additional 592 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of Shopify by 13.0% during the first quarter. Cetera Investment Advisers now owns 4,596 shares of the software maker’s stock worth $3,107,000 after acquiring an additional 527 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its position in shares of Shopify by 89.6% during the first quarter. Sequoia Financial Advisors LLC now owns 436 shares of the software maker’s stock worth $295,000 after acquiring an additional 206 shares during the last quarter. 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.