Shopify Inc. (SHOP) Coverage Initiated at Rosenblatt Securities
Investment analysts at Rosenblatt Securities assumed coverage on shares of Shopify Inc. (NYSE:SHOP) in a report released on Wednesday. The firm set a “buy” rating and a $50.00 price target on the stock. Rosenblatt Securities’ price target points to a potential upside of 17.70% from the stock’s current price.
Several other equities analysts have also weighed in on the company. Piper Jaffray Cos. set a $40.00 price target on Shopify and gave the company a “buy” rating in a research note on Wednesday, August 3rd. RBC Capital Markets reiterated an “outperform” rating and set a $42.00 price objective (up from $37.00) on shares of Shopify in a research note on Thursday, August 4th. Monness Crespi & Hardt boosted their price objective on 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 objective (down 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 objective 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 given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $41.44.
Shopify (NYSE:SHOP) opened at 42.48 on Wednesday. The company’s market cap is $3.48 billion. The firm has a 50-day moving average price of $42.61 and a 200-day moving average price of $34.53. Shopify has a 12-month low of $18.48 and a 12-month high of $45.20.
Shopify (NYSE:SHOP) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.04. The business earned $86.36 million during the quarter, compared to analysts’ expectations of $80.62 million. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The company’s revenue for the quarter was up 92.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.03) EPS. On average, analysts forecast that Shopify will post ($0.15) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bayesian Capital Management LP purchased a new position in Shopify during the first quarter worth approximately $238,000. Insight Holdings Group LLC boosted its stake in shares of 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 last quarter. Hamilton Lane Advisors LLC boosted its stake in shares of 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 last quarter. Bank of Montreal Can bought a new stake in shares of Shopify during the second quarter valued at about $9,712,000. Finally, HL Financial Services LLC bought a new stake in shares of Shopify during the second quarter valued at about $442,000. Institutional investors own 54.07% 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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