Shopify (NYSE:SHOP) (TSE:SHOP) had its target price upped by equities research analysts at Piper Jaffray Companies from $286.00 to $320.00 in a note issued to investors on Thursday, The Fly reports. The firm presently has a “neutral” rating on the software maker’s stock. Piper Jaffray Companies’ target price points to a potential downside of 3.67% from the stock’s current price.
Other equities research analysts also recently issued research reports about the stock. Credit Suisse Group raised their price target on shares of Shopify from $190.00 to $275.00 and gave the company an “outperform” rating in a research report on Wednesday, May 1st. Zacks Investment Research downgraded shares of Shopify from a “buy” rating to a “hold” rating in a research report on Friday, May 24th. DA Davidson raised their price target on shares of Shopify from $290.00 to $400.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Barclays raised their price target on shares of Shopify from $225.00 to $310.00 and gave the company an “equal weight” rating in a research report on Friday, June 21st. Finally, National Bank Financial raised their price target on shares of Shopify from $270.00 to $350.00 and gave the company an “outperform” rating in a research report on Thursday, June 20th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the stock. Shopify currently has a consensus rating of “Hold” and an average target price of $324.19.
Shares of SHOP stock traded down $9.20 during trading hours on Thursday, hitting $332.19. 1,978,799 shares of the company’s stock traded hands, compared to its average volume of 1,706,592. The stock has a fifty day moving average price of $317.96. Shopify has a 12-month low of $117.64 and a 12-month high of $350.79. The firm has a market cap of $35.46 billion, a PE ratio of -544.57 and a beta of 1.30. The company has a debt-to-equity ratio of 0.05, a quick ratio of 12.57 and a current ratio of 12.56.
Several hedge funds have recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its position in Shopify by 56.3% during the first quarter. Baillie Gifford & Co. now owns 5,920,039 shares of the software maker’s stock valued at $1,223,199,000 after acquiring an additional 2,132,030 shares during the last quarter. Thoroughbred Financial Services LLC boosted its position in Shopify by 29,316.3% in the second quarter. Thoroughbred Financial Services LLC now owns 1,533,766 shares of the software maker’s stock worth $153,377,000 after purchasing an additional 1,528,552 shares during the last quarter. Norges Bank bought a new stake in shares of Shopify during the 4th quarter valued at about $101,062,000. CIBC World Markets Inc. grew its stake in shares of Shopify by 378.5% during the 1st quarter. CIBC World Markets Inc. now owns 865,184 shares of the software maker’s stock valued at $178,764,000 after purchasing an additional 684,365 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Shopify by 76.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 507,158 shares of the software maker’s stock valued at $104,789,000 after purchasing an additional 219,284 shares during the period. Hedge funds and other institutional investors own 67.81% of the company’s stock.
Shopify Company Profile
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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