<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/maifiler" xmlns:com="http://www.sec.gov/edgar/common_ma" xmlns:com1="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>MA-I/A</submissionType>
    <filerInfo>
      <com:filer>
        <com1:filerId>0000724683</com1:filerId>
        <com1:filerCcc>XXXXXXXX</com1:filerCcc>
      </com:filer>
      <com:contact>
        <com1:name>Madeline Grinnell</com1:name>
        <com1:phoneNumber>612-303-6523</com1:phoneNumber>
      </com:contact>
      <com:contactEmail>Madeline.grinnell@psc.com</com:contactEmail>
      <com:notifications>
        <com1:internetNotificationAddress>registration@psc.com</com1:internetNotificationAddress>
      </com:notifications>
    </filerInfo>
  </headerData>
  <formData>
    <isAmendment>N</isAmendment>
    <isIndividual>N</isIndividual>
    <applicantName>
      <com:firstName>Jay</com:firstName>
      <com:middleName>F</com:middleName>
      <com:lastName>Hromatka</com:lastName>
    </applicantName>
    <applicantCrdNum>1253498</applicantCrdNum>
    <hasMoreThanOneAdvisoryFirms>N</hasMoreThanOneAdvisoryFirms>
    <noOfAdvisoryFirms>1</noOfAdvisoryFirms>
    <municipalAdvisorOffices>
      <municipalAdvisorOffice>
        <municipalFirm>
          <municipalFiler>
            <filerId>0000724683</filerId>
          </municipalFiler>
          <municipalFirmName>PIPER JAFFRAY &amp; CO.</municipalFirmName>
          <recentEmploymentCommencedDate>05-28-2019</recentEmploymentCommencedDate>
          <isIndependentRelatioship>N</isIndependentRelatioship>
        </municipalFirm>
        <maRegistration>
          <secRegistration>
            <com:fileNumber>867-01178</com:fileNumber>
          </secRegistration>
        </maRegistration>
        <advisorOffices>
          <advisorOffice>
            <locationInfo>LOCATED</locationInfo>
            <startDate>05-28-2019</startDate>
            <addressInfo>
              <com:address>
                <com1:street1>800 NICOLLET MALL</com1:street1>
                <com1:street2>Suite 1000</com1:street2>
                <com1:city>MINNEAPOLIS</com1:city>
                <com1:stateOrCountry>MN</com1:stateOrCountry>
                <com1:zipCode>55402-7020</com1:zipCode>
              </com:address>
            </addressInfo>
          </advisorOffice>
        </advisorOffices>
      </municipalAdvisorOffice>
    </municipalAdvisorOffices>
    <residentialHistory></residentialHistory>
    <employmentHistory>
      <currentEmployer>
        <startDate>05-2019</startDate>
        <name>Piper Jaffray &amp; Co.</name>
        <addressInfo>
          <city>Minneapolis</city>
          <stateOrCountry>
            <com1:stateOrCountry>MN</com1:stateOrCountry>
          </stateOrCountry>
          <zipCode>55402</zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>Y</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>Y</isRelatedToInvestment>
        <positionDescription>PFS Investment Banker</positionDescription>
      </currentEmployer>
      <priorEmployers>
        <priorEmployer>
          <startDate>03-2016</startDate>
          <endDate>05-2019</endDate>
          <name>Herbert J. Sims &amp; Co, Inc.</name>
          <addressInfo>
            <city>Bloomington</city>
            <stateOrCountry>
              <com1:stateOrCountry>MN</com1:stateOrCountry>
            </stateOrCountry>
            <zipCode>55437</zipCode>
          </addressInfo>
          <isRelatedToMunicipalAdvisor>Y</isRelatedToMunicipalAdvisor>
          <isRelatedToInvestment>Y</isRelatedToInvestment>
          <positionDescription>Executive Vice President</positionDescription>
        </priorEmployer>
        <priorEmployer>
          <startDate>08-2009</startDate>
          <endDate>03-2016</endDate>
          <name>Piper Jaffray &amp; Co.</name>
          <addressInfo>
            <city>Minneapolis</city>
            <stateOrCountry>
              <com1:stateOrCountry>MN</com1:stateOrCountry>
            </stateOrCountry>
            <zipCode>55402</zipCode>
          </addressInfo>
          <isRelatedToMunicipalAdvisor>Y</isRelatedToMunicipalAdvisor>
          <isRelatedToInvestment>Y</isRelatedToInvestment>
          <positionDescription>Investment Banker</positionDescription>
        </priorEmployer>
        <priorEmployer>
          <startDate>12-2002</startDate>
          <endDate>08-2009</endDate>
          <name>Municipal Capital Markets Group, Inc.</name>
          <addressInfo>
            <city>Dallas</city>
            <stateOrCountry>
              <com1:stateOrCountry>TX</com1:stateOrCountry>
            </stateOrCountry>
            <zipCode>75244</zipCode>
          </addressInfo>
          <isRelatedToMunicipalAdvisor>Y</isRelatedToMunicipalAdvisor>
          <isRelatedToInvestment>Y</isRelatedToInvestment>
          <positionDescription>Investment Banker</positionDescription>
        </priorEmployer>
      </priorEmployers>
    </employmentHistory>
    <isEngagedInOtherBusiness>Y</isEngagedInOtherBusiness>
    <otherBusinesses>
      <otherBusiness>
        <startDate>10-2013</startDate>
        <name>Charter Schools Development Corporation</name>
        <addressInfo>
          <com1:street1>7880 Milestone Parkway</com1:street1>
          <com1:street2>Suite 425</com1:street2>
          <com1:city>Hanover</com1:city>
          <com1:stateOrCountry>ME</com1:stateOrCountry>
          <com1:zipCode>21076</com1:zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>N</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>N</isRelatedToInvestment>
        <natureOfBusiness>Charter Schools Development Corporation</natureOfBusiness>
        <positionDescription>Board Member</positionDescription>
        <approximateHoursOrMonths>4</approximateHoursOrMonths>
        <dutiesDescription>Board member, credit committee member. 1 hour/week. Stipend received for board participation.</dutiesDescription>
      </otherBusiness>
      <otherBusiness>
        <startDate>12-2014</startDate>
        <name>Chicago Youth Programs</name>
        <addressInfo>
          <com1:street1>5350 S Prairie Ave</com1:street1>
          <com1:city>Chicago</com1:city>
          <com1:stateOrCountry>IL</com1:stateOrCountry>
          <com1:zipCode>60615</com1:zipCode>
        </addressInfo>
        <isRelatedToMunicipalAdvisor>N</isRelatedToMunicipalAdvisor>
        <isRelatedToInvestment>N</isRelatedToInvestment>
        <natureOfBusiness>Not-For-profit / Charity</natureOfBusiness>
        <positionDescription>Board member</positionDescription>
        <approximateHoursOrMonths>1</approximateHoursOrMonths>
        <dutiesDescription>Board member/director</dutiesDescription>
      </otherBusiness>
    </otherBusinesses>
    <disclosureQuestions>
      <criminalDisclosure>
        <criminalDisclosureCommonQuestion>
          <com:isConvictedOfFelony>N</com:isConvictedOfFelony>
          <com:isChargedWithFelony>N</com:isChargedWithFelony>
          <com:isOrgConvictedOfFelony>N</com:isOrgConvictedOfFelony>
          <com:isOrgChargedWithFelony>N</com:isOrgChargedWithFelony>
        </criminalDisclosureCommonQuestion>
        <isConvictedOfMisdemeanor>N</isConvictedOfMisdemeanor>
        <isChargedWithMisdemeanor>N</isChargedWithMisdemeanor>
        <isOrgConvictedOfMisdemeanor>N</isOrgConvictedOfMisdemeanor>
        <isOrgChargedWithMisdemeanor>N</isOrgChargedWithMisdemeanor>
      </criminalDisclosure>
      <regulatoryDisclosure>
        <regulatoryDisclosureCommonQuestion>
          <com:isMadeFalseStatement>N</com:isMadeFalseStatement>
          <com:isViolatedRegulation>N</com:isViolatedRegulation>
          <com:isCauseOfDenial>N</com:isCauseOfDenial>
          <com:isOrderAgainst>N</com:isOrderAgainst>
          <com:isImposedPenalty>N</com:isImposedPenalty>
          <com:isUnEthical>N</com:isUnEthical>
          <com:isFoundInViolationOfRegulation>N</com:isFoundInViolationOfRegulation>
          <com:isFoundInCauseOfDenial>N</com:isFoundInCauseOfDenial>
          <com:isOrderAgainstActivity>N</com:isOrderAgainstActivity>
          <com:isDeniedLicense>N</com:isDeniedLicense>
          <com:isFoundMadeFalseStatement>N</com:isFoundMadeFalseStatement>
          <com:isFoundInViolationOfRules>N</com:isFoundInViolationOfRules>
          <com:isFoundInCauseOfSuspension>N</com:isFoundInCauseOfSuspension>
          <com:isDiscipliend>N</com:isDiscipliend>
          <com:isAuthorizedToActAttorney>N</com:isAuthorizedToActAttorney>
          <com:isRegulatoryComplaint>N</com:isRegulatoryComplaint>
        </regulatoryDisclosureCommonQuestion>
        <isViolatedSecurityAct>N</isViolatedSecurityAct>
        <isWillFullyAided>N</isWillFullyAided>
        <isFailedToSupervise>N</isFailedToSupervise>
        <isFoundWillFullyAided>N</isFoundWillFullyAided>
        <isAssociationBared>N</isAssociationBared>
        <isFinalOrder>N</isFinalOrder>
        <isWillFullyViolatedSecurityAct>N</isWillFullyViolatedSecurityAct>
        <isFailedResonably>N</isFailedResonably>
      </regulatoryDisclosure>
      <investigationDisclosure>
        <isInvestigated>N</isInvestigated>
      </investigationDisclosure>
      <civilDisclosure>
        <com:isEnjoined>N</com:isEnjoined>
        <com:isFoundInViolationOfRegulation>N</com:isFoundInViolationOfRegulation>
        <com:isDismissed>N</com:isDismissed>
        <com:isNamedInCivilProceeding>N</com:isNamedInCivilProceeding>
      </civilDisclosure>
      <complaintDisclosure>
        <isComplaintPending>N</isComplaintPending>
        <isComplaintSettled>N</isComplaintSettled>
        <isFraudCasePending>N</isFraudCasePending>
        <isFraudCaseResultedAward>N</isFraudCaseResultedAward>
        <isFraudCaseSettled>N</isFraudCaseSettled>
      </complaintDisclosure>
      <terminationDisclosure>
        <isViloatedIndustryStandard>N</isViloatedIndustryStandard>
        <isInvolvedInFraud>N</isInvolvedInFraud>
        <isFailedToSupervise>N</isFailedToSupervise>
      </terminationDisclosure>
      <financialDisclosure>
        <isCompromised>N</isCompromised>
        <isBankruptcyPetition>N</isBankruptcyPetition>
        <isTrusteeApointed>N</isTrusteeApointed>
        <isBondRevoked>N</isBondRevoked>
      </financialDisclosure>
      <judgmentLienDisclosure>
        <isLienAgainst>N</isLienAgainst>
      </judgmentLienDisclosure>
    </disclosureQuestions>
    <signatureInfo>
      <com:signature>
        <com:dateSigned>12-08-2020</com:dateSigned>
        <com:signature>Gregory S. Byer</com:signature>
        <com:title>Chief Compliance Officer</com:title>
      </com:signature>
    </signatureInfo>
  </formData>
</edgarSubmission>
