Piper Jaffray Companies Reiterates “$320.00” Price Target for Shopify (NYSE:SHOP)
Piper Jaffray Companies set a $320.00 target price on Shopify (NYSE:SHOP) (TSE:SHOP) in a research report report published on Tuesday morning, TipRanks reports. The firm currently has a hold rating on the software maker’s stock.
SHOP has been the subject of a number of other research reports. William Blair reaffirmed a hold rating on shares of Shopify in a research report on Tuesday. CSFB boosted their price target on shares of Shopify from $275.00 to $370.00 and gave the stock an outperform rating in a research report on Friday, August 2nd. Raymond James increased their price objective on shares of Shopify from $270.00 to $365.00 and gave the stock an outperform rating in a research note on Friday, August 2nd. Jefferies Financial Group set a $300.00 price objective on shares of Shopify and gave the stock a hold rating in a research note on Tuesday. Finally, CIBC cut Shopify from an outperform rating to a neutral rating and raised their price objective for the company from $260.00 to $350.00 in a report on Thursday, June 20th. They noted that the move was a valuation call. Three 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 presently has an average rating of Hold and an average target price of $335.88.
NYSE:SHOP traded up $10.27 during trading hours on Tuesday, reaching $347.51. 3,196,958 shares of the stock were exchanged, compared to its average volume of 1,792,052. The stock has a market cap of $37.62 billion, a PE ratio of -569.69 and a beta of 1.23. Shopify has a twelve month low of $117.64 and a twelve month high of $409.61. The firm has a 50 day moving average of $361.45 and a 200 day moving average of $281.04. The company has a debt-to-equity ratio of 0.05, a current ratio of 11.44 and a quick ratio of 11.44.
Several hedge funds have recently modified their holdings of the company. Baillie Gifford & Co. increased its position in Shopify by 8.4% during the second quarter. Baillie Gifford & Co. now owns 6,418,913 shares of the software maker’s stock worth $1,926,637,000 after buying an additional 498,874 shares during the last quarter. Thoroughbred Financial Services LLC boosted its stake in shares of Shopify by 29,316.3% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,533,766 shares of the software maker’s stock worth $153,377,000 after acquiring an additional 1,528,552 shares during the period. Jennison Associates LLC boosted its stake in shares of Shopify by 7.0% during the 1st quarter. Jennison Associates LLC now owns 1,403,846 shares of the software maker’s stock worth $290,063,000 after acquiring an additional 91,669 shares during the period. CIBC World Markets Inc. increased its holdings 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 worth $178,764,000 after acquiring an additional 684,365 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Shopify by 5.0% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 619,775 shares of the software maker’s stock worth $186,670,000 after acquiring an additional 29,283 shares during the last quarter. 59.63% of the stock is currently owned by 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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