Shopify Inc. (SHOP) Research Coverage Started at Dundee Securities
Research analysts at Dundee Securities started coverage on shares of Shopify Inc. (NYSE:SHOP) in a research note issued on Monday. The firm set a “neutral” rating on the stock.
Other analysts have also recently issued research reports about the stock. Piper Jaffray Cos. set a $40.00 price target on shares of Shopify and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. RBC Capital Markets reiterated an “outperform” rating and set a $42.00 price target (up previously from $37.00) on shares of Shopify in a research note on Thursday, August 4th. Monness Crespi & Hardt increased their price target on shares of Shopify from $35.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Wedbush reiterated an “outperform” rating and set a $35.00 price target (down previously from $40.00) on shares of Shopify in a research note on Wednesday, August 3rd. Finally, Citigroup Inc. reiterated a “hold” rating and set a $40.00 price target on shares of Shopify in a research note on Thursday, August 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $40.84.
Shopify (NYSE:SHOP) opened at 42.82 on Monday. The firm has a 50-day moving average of $42.56 and a 200-day moving average of $34.23. The stock’s market cap is $3.50 billion. Shopify has a 12-month low of $18.48 and a 12-month high of $45.20.
Shopify (NYSE:SHOP) last issued its 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. Shopify had a negative net margin of 10.03% and a negative return on equity of 14.67%. The business earned $86.36 million during the quarter, compared to analysts’ expectations of $80.62 million. During the same quarter in the prior year, the business posted ($0.03) EPS. The company’s revenue for the quarter was up 92.9% on a year-over-year basis. Equities analysts predict that Shopify will post ($0.15) earnings per share for the current fiscal year.
Institutional investors have recently bought and sold shares of the stock. Morgens Waterfall Vintiadis & Co. Inc. purchased a new stake in Shopify during the third quarter valued at about $1,974,000. Cupps Capital Management LLC purchased a new stake in Shopify during the third quarter valued at about $999,000. First Mercantile Trust Co. purchased a new stake in Shopify during the third quarter valued at about $124,000. Macquarie Group Ltd. purchased a new stake in Shopify during the second quarter valued at about $1,737,000. Finally, Royal Bank of Canada boosted its stake in Shopify by 36.9% in the second quarter. Royal Bank of Canada now owns 235,561 shares of the company’s stock valued at $7,246,000 after buying an additional 63,551 shares in the last quarter. Hedge funds and other institutional investors own 54.07% 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.
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