Piper Jaffray Companies reissued their buy rating on shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) in a research note released on Tuesday morning. They currently have a $110.00 target price on the software maker’s stock.

Other research analysts have also recently issued research reports about the company. Roth Capital lifted their target price on Shopify from $82.00 to $92.00 and gave the company a buy rating in a research report on Monday, May 15th. Vetr upgraded Shopify from a hold rating to a buy rating and set a $100.00 price target on the stock in a report on Tuesday, May 30th. Industrial Alliance Securities boosted their price target on Shopify from $87.00 to $134.00 and gave the stock a buy rating in a report on Friday, May 26th. BidaskClub cut Shopify from a strong-buy rating to a buy rating in a report on Wednesday, June 14th. Finally, Zacks Investment Research raised Shopify from a hold rating to a buy rating and set a $101.00 price objective on the stock in a research note on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. Shopify has an average rating of Buy and a consensus price target of $91.81.

Shares of Shopify (NYSE:SHOP) opened at 113.61 on Tuesday. The company’s market cap is $11.20 billion. Shopify has a 12-month low of $37.74 and a 12-month high of $114.88. The stock has a 50 day moving average of $99.26 and a 200 day moving average of $84.68.

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

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Several institutional investors have recently bought and sold shares of the business. Coatue Management LLC bought a new stake in shares of Shopify in the second quarter worth $228,174,000. FMR LLC grew its holdings in shares of Shopify by 8.5% in the second quarter. FMR LLC now owns 12,560,797 shares of the software maker’s stock worth $1,090,644,000 after acquiring an additional 989,113 shares during the period. Public Sector Pension investment Board bought a new stake in shares of Shopify in the second quarter worth $40,637,000. Franklin Resources Inc. grew its holdings in shares of Shopify by 1,871.5% in the second quarter. Franklin Resources Inc. now owns 398,250 shares of the software maker’s stock worth $34,607,000 after acquiring an additional 378,050 shares during the period. Finally, Toronto Dominion Bank grew its holdings in shares of Shopify by 21,678.2% in the second quarter. Toronto Dominion Bank now owns 354,985 shares of the software maker’s stock worth $30,821,000 after acquiring an additional 353,355 shares during the period. 53.78% of the stock is owned by institutional investors and hedge funds.

Shopify Company Profile

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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