Shopify Inc. (SHOP) Receives Consensus Rating of “Buy” from Brokerages
Shopify Inc. (NYSE:SHOP) has been given a consensus recommendation of “Buy” by the twenty-three analysts that are covering the firm. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, fifteen have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $41.04.
Several analysts have commented on SHOP shares. Morgan Stanley downgraded Shopify from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $37.00 to $47.00 in a research note on Wednesday, September 28th. They noted that the move was a valuation call. Robert W. Baird reissued an “outperform” rating and set a $40.00 target price (up from $34.00) on shares of Shopify in a research note on Thursday, August 4th. Royal Bank Of Canada reissued an “outperform” rating and set a $37.00 target price on shares of Shopify in a research note on Wednesday, July 27th. Credit Suisse Group AG reissued an “outperform” rating and set a $46.00 target price on shares of Shopify in a research note on Thursday, August 18th. Finally, Macquarie set a $52.00 target price on Shopify and gave the stock a “buy” rating in a research note on Wednesday, September 14th.
Shares of Shopify (NYSE:SHOP) traded down 0.92% during midday trading on Thursday, hitting $42.00. 706,537 shares of the company were exchanged. Shopify has a one year low of $18.48 and a one year high of $45.20. The firm’s 50 day moving average price is $42.47 and its 200 day moving average price is $34.07. The firm’s market capitalization is $3.44 billion.
Shopify (NYSE:SHOP) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.04. The firm earned $86.36 million during the quarter, compared to the consensus estimate of $80.62 million. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The firm’s revenue was up 92.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.03) EPS. Analysts forecast that Shopify will post ($0.15) EPS for the current fiscal year.
Large investors have recently bought and sold shares of the company. Insight Holdings Group LLC boosted its stake 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. Bayesian Capital Management LP purchased a new position in shares of Shopify during the first quarter valued at $238,000. Stephens Investment Management Group LLC purchased a new position in shares of Shopify during the second quarter valued at $13,921,000. Macquarie Group Ltd. purchased a new position in shares of Shopify during the second quarter valued at $1,737,000. Finally, I.G. Investment Management LTD. raised its position in shares of Shopify by 12.2% in the second quarter. I.G. Investment Management LTD. now owns 182,470 shares of the company’s stock valued at $5,613,000 after buying an additional 19,903 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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