Piper Jaffray Companies set a $320.00 price target on Shopify (NYSE:SHOP) (TSE:SHOP) in a research note published on Tuesday morning, TipRanks reports. The brokerage currently has a hold rating on the software maker’s stock.

SHOP has been the subject of several other research reports. Credit Suisse Group restated a buy rating and issued a $370.00 price objective on shares of Shopify in a research report on Wednesday. National Bank Financial set a $400.00 target price on shares of Shopify and gave the stock a buy rating in a research note on Tuesday. Jefferies Financial Group set a $300.00 target price on shares of Shopify and gave the stock a hold rating in a research report on Tuesday. Guggenheim cut shares of Shopify from a buy rating to a neutral rating in a research note on Monday, May 13th. They noted that the move was a valuation call. Finally, Mackie raised their price target on shares of Shopify from $280.00 to $360.00 and gave the company a buy rating in a report on Monday, July 15th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company. Shopify has a consensus rating of Hold and an average target price of $335.88.

Shares of SHOP stock traded up $10.27 during trading hours on Tuesday, hitting $347.51. 3,196,958 shares of the company’s stock were exchanged, compared to its average volume of 1,792,052. The stock’s 50-day moving average is $361.45 and its 200-day moving average is $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. The stock has a market cap of $37.62 billion, a price-to-earnings ratio of -569.69 and a beta of 1.23. Shopify has a 52 week low of $117.64 and a 52 week high of $409.61.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $0.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.45. The business had revenue of $361.98 million during the quarter, compared to analysts’ expectations of $350.59 million. Shopify had a negative return on equity of 3.85% and a negative net margin of 5.98%. The firm’s revenue for the quarter was up 47.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 earnings per share. Equities research analysts forecast that Shopify will post -0.82 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in SHOP. Coastal Investment Advisors Inc. grew its holdings in Shopify by 358.3% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 1,054 shares of the software maker’s stock worth $316,000 after acquiring an additional 824 shares during the period. Enlightenment Research LLC bought a new stake in shares of Shopify during the 2nd quarter valued at $1,169,000. Weaver Consulting Group acquired a new position in shares of Shopify in the 1st quarter valued at $54,000. Baillie Gifford & Co. lifted its stake in shares of Shopify by 8.4% in the 2nd quarter. Baillie Gifford & Co. now owns 6,418,913 shares of the software maker’s stock valued at $1,926,637,000 after purchasing an additional 498,874 shares during the period. Finally, Atria Investments LLC lifted its stake in shares of Shopify by 56.5% in the 2nd quarter. Atria Investments LLC now owns 7,150 shares of the software maker’s stock valued at $262,000 after purchasing an additional 2,581 shares during the period. Institutional investors and hedge funds own 59.63% of the company’s stock.

About Shopify

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.

Further Reading: Earnings Reports

Analyst Recommendations for Shopify (NYSE:SHOP)

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