Shopify’s (NYSE:SHOP) “Overweight” Rating Reaffirmed at Piper Jaffray Companies

Shopify Inc. (NYSE:SHOP) (TSE:SH)‘s stock had its “overweight” rating reaffirmed by Piper Jaffray Companies in a research note issued to investors on Tuesday, August 1st, MarketBeat.com reports. They presently have a $110.00 target price on the software maker’s stock, up from their prior target price of $85.00. Piper Jaffray Companies’ price target would suggest a potential upside of 16.30% from the company’s current price.

Several other brokerages have also recently weighed in on SHOP. Vetr cut Shopify from a “strong-buy” rating to a “buy” rating and set a $101.99 target price for the company. in a report on Thursday, June 22nd. Roth Capital restated a “buy” rating and set a $92.00 target price (up from $82.00) on shares of Shopify in a report on Friday, May 5th. Barclays PLC increased their target price on Shopify from $64.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, May 3rd. BidaskClub cut Shopify from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Finally, Robert W. Baird restated an “outperform” rating on shares of Shopify in a report on Monday, July 3rd. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. Shopify presently has a consensus rating of “Buy” and an average price target of $88.33.

Shopify (NYSE:SHOP) opened at 94.58 on Tuesday. The company’s market cap is $9.32 billion. The stock has a 50 day moving average of $92.72 and a 200-day moving average of $79.52. Shopify has a 52-week low of $37.74 and a 52-week high of $105.79.

Shopify (NYSE:SHOP) (TSE:SH) last issued its earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.05. The company had revenue of $151.70 million during the quarter, compared to analysts’ expectations of $143.94 million. Shopify had a negative return on equity of 8.26% and a negative net margin of 8.96%. Shopify’s quarterly revenue was up 75.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.04) EPS. On average, analysts forecast that Shopify will post ($0.05) EPS for the current year.

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A number of institutional investors have recently added to or reduced their stakes in the stock. FMR LLC increased its position in Shopify by 8.5% in the second quarter. FMR LLC now owns 12,560,797 shares of the software maker’s stock valued at $1,090,644,000 after buying an additional 989,113 shares during the period. Coatue Management LLC bought a new position in Shopify during the second quarter valued at $228,174,000. Renaissance Technologies LLC increased its position in Shopify by 4.7% in the first quarter. Renaissance Technologies LLC now owns 1,347,000 shares of the software maker’s stock valued at $91,732,000 after buying an additional 61,000 shares during the period. Scge Management L.P. increased its position in Shopify by 16.7% in the first quarter. Scge Management L.P. now owns 1,015,000 shares of the software maker’s stock valued at $69,111,000 after buying an additional 145,000 shares during the period. Finally, Zevenbergen Capital Investments LLC increased its position in Shopify by 36.1% in the second quarter. Zevenbergen Capital Investments LLC now owns 837,955 shares of the software maker’s stock valued at $72,818,000 after buying an additional 222,240 shares during the period. Institutional investors own 57.07% of the company’s stock.

About Shopify

Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.

Analyst Recommendations for Shopify (NYSE:SHOP)

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