Shopify Inc. (SHOP) Receives Consensus Recommendation of “Buy” from Analysts
Shopify Inc. (NYSE:SHOP) (TSE:SH) has received a consensus rating of “Buy” from the twenty-six analysts that are currently covering the firm. One analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $43.93.
A number of equities analysts have weighed in on the company. Canaccord Genuity restated a “buy” rating and issued a $44.00 price target on shares of Shopify in a research note on Thursday, August 4th. 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. Monness Crespi & Hardt increased their price objective on Shopify from $35.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Pacific Crest reiterated a “buy” rating and set a $40.00 price objective on shares of Shopify in a research report on Tuesday, August 16th. Finally, KeyCorp reiterated a “buy” rating and set a $43.00 price objective (up previously from $40.00) on shares of Shopify in a research report on Monday, August 22nd.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Insight Holdings Group LLC raised 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 worth $75,203,000 after buying an additional 2,209,539 shares during the last quarter. Bayesian Capital Management LP bought a new stake in Shopify during the first quarter worth about $238,000. BlackRock Advisors LLC bought a new stake in Shopify during the second quarter worth about $3,414,000. Gilder Gagnon Howe & Co. LLC raised its stake in Shopify by 22.8% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 113,931 shares of the company’s stock worth $3,505,000 after buying an additional 21,179 shares during the last quarter. Finally, Stephens Investment Management Group LLC bought a new stake in Shopify during the second quarter worth about $13,921,000. 57.71% of the stock is currently owned by institutional investors and hedge funds.
Shares of Shopify (NYSE:SHOP) opened at 44.89 on Thursday. The firm’s market cap is $3.99 billion. Shopify has a 12-month low of $18.48 and a 12-month high of $45.45. The company has a 50 day moving average of $42.08 and a 200-day moving average of $36.43.
Shopify (NYSE:SHOP) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. The company earned $99.60 million during the quarter, compared to analysts’ expectations of $94.62 million. Shopify had a negative return on equity of 13.30% and a negative net margin of 9.96%. Shopify’s revenue was up 88.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) EPS. Equities research analysts forecast that Shopify will post ($0.14) EPS for the current fiscal year.
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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