Shopify Inc. (SHOP) Earns Buy Rating from Analysts at BTIG Research
A number of other research analysts have also recently weighed in on SHOP. Wedbush reiterated an outperform rating and issued a $35.00 target price (down previously from $40.00) on shares of Shopify in a report on Wednesday, August 3rd. Canaccord Genuity reiterated a buy rating and issued a $44.00 target price on shares of Shopify in a report on Thursday, August 4th. Pacific Crest reiterated a buy rating on shares of Shopify in a report on Friday, October 7th. Monness Crespi & Hardt lifted their target price on Shopify from $48.00 to $50.00 and gave the company a buy rating in a report on Wednesday, November 2nd. Finally, Goldman Sachs Group Inc. assumed coverage on Shopify in a report on Tuesday, October 4th. They issued a buy rating and a $53.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $43.81.
Shopify (NYSE:SHOP) opened at 42.02 on Wednesday. Shopify has a 52-week low of $18.48 and a 52-week high of $45.20. The stock’s 50 day moving average price is $42.00 and its 200 day moving average price is $36.14. The firm’s market capitalization is $3.74 billion.
Shopify (NYSE:SHOP) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.01. Shopify had a negative return on equity of 13.30% and a negative net margin of 9.96%. The business had revenue of $99.60 million for the quarter, compared to analysts’ expectations of $94.62 million. During the same quarter last year, the firm earned ($0.03) earnings per share. The business’s revenue was up 88.6% on a year-over-year basis. Analysts expect that Shopify will post ($0.13) earnings per share for the current year.
A number of institutional investors have recently bought and sold shares of SHOP. FMR LLC increased its position in shares of Shopify by 32.9% in the second quarter. FMR LLC now owns 9,586,883 shares of the company’s stock worth $294,892,000 after buying an additional 2,370,708 shares during the last quarter. Insight Holdings Group LLC increased its position 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 worth $75,203,000 after buying an additional 2,209,539 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Shopify by 35.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 4,191,007 shares of the company’s stock worth $179,878,000 after buying an additional 1,099,614 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Shopify during the third quarter worth approximately $37,184,000. Finally, Abdiel Capital Advisors LP increased its position in shares of Shopify by 43.5% in the second quarter. Abdiel Capital Advisors LP now owns 2,407,342 shares of the company’s stock worth $74,050,000 after buying an additional 730,195 shares during the last quarter. Institutional investors and hedge funds own 53.55% 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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