Analysts at Mackie assumed coverage on shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) in a report issued on Tuesday. The brokerage set a “buy” rating and a $60.00 price target on the stock. Mackie’s price objective suggests a potential upside of 43.99% from the stock’s current price.

Several other analysts also recently commented on SHOP. Wedbush reissued an “outperform” rating and issued a $35.00 target price (down from $40.00) on shares of Shopify in a research report on Wednesday, August 3rd. Canaccord Genuity restated a “buy” rating and issued a $44.00 price objective on shares of Shopify in a research note on Thursday, August 4th. BTIG Research assumed coverage on shares of Shopify in a research note on Wednesday, November 16th. They issued a “buy” rating for the company. Pacific Crest restated a “buy” rating on shares of Shopify in a research note on Friday, October 7th. Finally, Monness Crespi & Hardt boosted their price objective on shares of Shopify from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, November 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Shopify presently has an average rating of “Buy” and a consensus target price of $44.51.

Analyst Recommendations for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) opened at 41.67 on Tuesday. The firm’s market capitalization is $3.71 billion. The stock has a 50 day moving average of $41.93 and a 200 day moving average of $37.09. Shopify has a 12-month low of $18.48 and a 12-month high of $45.45.

Shopify (NYSE:SHOP) last posted its earnings results on Wednesday, November 2nd. The company reported ($0.02) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.01. The company earned $99.60 million during the quarter, compared to the consensus estimate of $94.62 million. Shopify had a negative net margin of 9.96% and a negative return on equity of 13.30%. The company’s revenue for the quarter was up 88.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.03) earnings per share. Equities research analysts anticipate that Shopify will post ($0.14) earnings per share for the current year.

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A number of large investors have recently modified their holdings of the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in shares of Shopify by 1.4% in the third quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 28,430 shares of the company’s stock worth $1,220,000 after buying an additional 390 shares in the last quarter. Amica Retiree Medical Trust raised its stake 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. Bank of Montreal Can raised its stake in shares of Shopify by 0.6% in the third quarter. Bank of Montreal Can now owns 317,588 shares of the company’s stock worth $13,631,000 after buying an additional 1,870 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Shopify by 120.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,176 shares of the company’s stock worth $179,000 after buying an additional 2,280 shares in the last quarter. Finally, Manitou Investment Management Ltd. raised its stake in shares of Shopify by 17.1% in the second quarter. Manitou Investment Management Ltd. now owns 16,080 shares of the company’s stock worth $495,000 after buying an additional 2,350 shares in the last quarter. 68.40% of the stock is currently owned by hedge funds and other institutional investors.

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.

5 Day Chart for NYSE:SHOP

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