Shopify Inc. (SHOP) Coverage Initiated by Analysts at Goldman Sachs Group Inc.
Several other equities research analysts have also recently issued reports on SHOP. TheStreet initiated coverage on Shopify in a report on Thursday, June 23rd. They issued a sell rating on the stock. KeyCorp reiterated a buy rating and issued a $37.00 price objective on shares of Shopify in a report on Wednesday, June 29th. Monness Crespi & Hardt initiated coverage on Shopify in a report on Wednesday, June 29th. They issued a buy rating and a $35.00 price objective on the stock. Zacks Investment Research upgraded Shopify from a hold rating to a buy rating and set a $36.00 price objective on the stock in a report on Tuesday, July 12th. Finally, Piper Jaffray Cos. reiterated a buy rating and issued a $32.00 price objective on shares of Shopify in a report on Monday, July 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Shopify currently has a consensus rating of Buy and an average price target of $40.20.
Shopify (NYSE:SHOP) opened at 43.03 on Tuesday. The company’s market cap is $3.52 billion. Shopify has a 52 week low of $18.48 and a 52 week high of $45.20. The company has a 50-day moving average price of $41.88 and a 200 day moving average price of $33.36.
Shopify (NYSE:SHOP) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.04. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The company had revenue of $86.36 million for the quarter, compared to analysts’ expectations of $80.62 million. During the same period in the previous year, the firm posted ($0.03) EPS. Shopify’s revenue was up 92.9% compared to the same quarter last year. On average, equities research analysts forecast that Shopify will post ($0.15) EPS for the current fiscal year.
Several institutional investors have recently bought and sold shares of SHOP. CIBC World Markets Inc. increased its position in Shopify by 7.7% in the first quarter. CIBC World Markets Inc. now owns 11,967 shares of the company’s stock valued at $338,000 after buying an additional 855 shares during the period. Renaissance Technologies LLC increased its position in Shopify by 692.6% in the first quarter. Renaissance Technologies LLC now owns 64,200 shares of the company’s stock valued at $1,815,000 after buying an additional 56,100 shares during the period. Bayesian Capital Management LP acquired a new position in Shopify during the first quarter valued at approximately $238,000. Insight Holdings Group LLC increased its position in Shopify by 939.0% in the second quarter. Insight Holdings Group LLC now owns 2,444,839 shares of the company’s stock valued at $75,203,000 after buying an additional 2,209,539 shares during the period. Finally, Hamilton Lane Advisors LLC increased its position in Shopify by 26.2% in the second quarter. Hamilton Lane Advisors LLC now owns 27,981 shares of the company’s stock valued at $820,000 after buying an additional 5,806 shares during the period. Institutional investors and hedge funds own 58.80% of the company’s stock.
Shopify Inc is a provider of cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, social media storefronts, such as Facebook, Twitter and Pinterest, and physical retail locations.
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