Pacific Crest reissued their buy rating on shares of Shopify Inc. (NYSE:SHOP) in a research report report published on Friday morning.

Other equities research analysts have also issued reports about the stock. Piper Jaffray Cos. set a $40.00 price target on shares of Shopify and gave the company a buy rating in a report on Wednesday, August 3rd. RBC Capital Markets reaffirmed an outperform rating and set a $42.00 price target (up from $37.00) on shares of Shopify in a report on Thursday, August 4th. Monness Crespi & Hardt lifted their price target on shares of Shopify from $35.00 to $39.00 and gave the company a buy rating in a report on Wednesday, August 3rd. Wedbush reaffirmed an outperform rating and set a $35.00 price target (down from $40.00) on shares of Shopify in a report on Wednesday, August 3rd. Finally, Citigroup Inc. reaffirmed a hold rating and set a $40.00 price target on shares of Shopify in a report on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $40.84.

Analyst Recommendations for Shopify (NYSE:SHOP)

Shares of Shopify (NYSE:SHOP) traded up 1.40% during midday trading on Friday, reaching $44.29. 591,020 shares of the company’s stock traded hands. The stock’s market cap is $3.62 billion. Shopify has a 52-week low of $18.48 and a 52-week high of $45.20. The stock has a 50-day moving average price of $42.30 and a 200-day moving average price of $33.61.

Shopify (NYSE:SHOP) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.04. The company had revenue of $86.36 million for the quarter, compared to analyst estimates of $80.62 million. Shopify had a negative net margin of 10.03% and a negative return on equity of 14.67%. The firm’s revenue was up 92.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.03) EPS. Analysts forecast that Shopify will post ($0.15) earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in SHOP. First Mercantile Trust Co. acquired a new stake in shares of Shopify during the third quarter worth approximately $124,000. Macquarie Group Ltd. acquired a new stake in shares of Shopify during the second quarter worth approximately $1,737,000. Royal Bank of Canada raised its stake in shares of Shopify by 36.9% in the second quarter. Royal Bank of Canada now owns 235,561 shares of the company’s stock worth $7,246,000 after buying an additional 63,551 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Shopify during the second quarter worth approximately $5,835,000. Finally, Whale Rock Capital Management LLC raised its stake in shares of Shopify by 130.3% in the second quarter. Whale Rock Capital Management LLC now owns 989,538 shares of the company’s stock worth $30,438,000 after buying an additional 559,906 shares during the period. Institutional investors and hedge funds own 58.80% of the company’s stock.

Shopify Company Profile

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.

5 Day Chart for NYSE:SHOP

Receive News & Stock Ratings for Shopify Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify Inc. and related stocks with our FREE daily email newsletter.