Shopify Inc. (SHOP) Coverage Initiated at BTIG Research
BTIG Research assumed coverage on shares of Shopify Inc. (NYSE:SHOP) in a research report issued on Wednesday. The brokerage set a “buy” rating on the stock.
A number of other research firms also recently issued reports on SHOP. Credit Suisse Group AG reiterated a “buy” rating and set a $50.00 target price on shares of Shopify in a research report on Thursday, November 3rd. Zacks Investment Research upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research report on Friday, October 28th. KeyCorp reiterated a “buy” rating on shares of Shopify in a research report on Sunday, October 9th. Monness Crespi & Hardt upped their price objective on shares of Shopify from $35.00 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $37.00 price objective on shares of Shopify in a report on Wednesday, July 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Shopify has a consensus rating of “Buy” and an average target price of $43.81.
Shopify (NYSE:SHOP) opened at 42.02 on Wednesday. Shopify has a 12 month low of $18.48 and a 12 month high of $45.20. The stock has a 50 day moving average of $42.00 and a 200-day moving average of $36.14. The company’s market cap is $3.74 billion.
Shopify (NYSE:SHOP) last released its earnings results on Wednesday, November 2nd. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.01. Shopify had a negative net margin of 9.96% and a negative return on equity of 13.30%. The company had revenue of $99.60 million for the quarter, compared to the consensus estimate of $94.62 million. During the same quarter in the previous year, the company earned ($0.03) EPS. Shopify’s quarterly revenue was up 88.6% compared to the same quarter last year. Equities research analysts expect that Shopify will post ($0.13) EPS for the current year.
A number of institutional investors have recently modified their holdings of SHOP. Cubist Systematic Strategies LLC acquired a new position in shares of Shopify during the second quarter worth $104,000. Advisor Group Inc. acquired a new position in shares of Shopify during the third quarter worth $109,000. Amica Retiree Medical Trust raised its position in shares of Shopify by 80.9% in the second quarter. Amica Retiree Medical Trust now owns 3,695 shares of the company’s stock worth $114,000 after buying an additional 1,652 shares in the last quarter. First Mercantile Trust Co. acquired a new position in shares of Shopify during the third quarter worth $124,000. Finally, DIAM Co. Ltd. acquired a new position in shares of Shopify during the third quarter worth $158,000. Hedge funds and other institutional investors own 53.55% 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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