Piper Jaffray Believes SHOP Won’t Stop Here

By Carrie Williams

Piper Jaffray analyst Samuel Kemp reiterated a Buy rating on Shopify (NYSE: SHOP) today and set a price target of $50. The company’s shares opened today at $42, close to its 52-week high of $45.20.

According to TipRanks.com, Kemp is a 3-star analyst with an average return of 2.4% and a 58.3% success rate. Kemp covers the Technology sector, focusing on stocks such as Web.com Group, Groupon Inc, and HomeAway.

Currently, the analyst consensus on Shopify is Strong Buy and the average price target is $47.29, representing a 12.6% upside.

In a report issued on October 25, Roth Capital also reiterated a Buy rating on the stock with a $49 price target.

The company has a one year high of $45.20 and a one year low of $18.48. Currently, Shopify has an average volume of 959.3K.

Shopify, Inc. provides a cloud-based commerce platform designed for small and medium-sized businesses. Merchants use its software to run their business across all of their sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. Its platform provides merchants with a single view of their business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting. The company mainly focuses on Merchant Solutions and Subscription Solutions. Shopify currently powers over 160,000 businesses in approximately 150 countries, including: Tesla Motors, Budweiser, Google, Wikipedia, LA Lakers, GoldieBlox, and many more. The company was founded on September 28, 2004 by Tobias Albin Lütke, Daniel Weinand and Scott Lake and is headquartered in Ontario, Canada.