Shopify Inc. (SHOP) Rating Lowered to Buy at Vetr Inc.
Shopify Inc. (NYSE:SHOP) (TSE:SH) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Thursday. They currently have a $116.20 price objective on the software maker’s stock. Vetr‘s target price indicates a potential upside of 12.01% from the stock’s current price.
Several other equities research analysts have also issued reports on the company. Ifs Securities began coverage on Shopify in a research report on Thursday. They set an “outperform” rating for the company. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Shopify in a research report on Wednesday, August 9th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $99.00 target price (up from $78.00) on shares of Shopify in a research report on Tuesday, August 8th. Wedbush reaffirmed an “outperform” rating and set a $115.00 target price (up from $100.00) on shares of Shopify in a research report on Tuesday, August 8th. Finally, Zacks Investment Research lowered Shopify from a “buy” rating to a “hold” rating in a research report on Monday, August 7th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $90.12.
Shares of Shopify (NYSE:SHOP) opened at 103.74 on Thursday. The company’s market capitalization is $10.22 billion. Shopify has a 12-month low of $37.74 and a 12-month high of $107.00. The company’s 50 day moving average is $94.60 and its 200 day moving average is $81.29.
Shopify (NYSE:SHOP) (TSE:SH) last announced its earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.20) by $0.05. Shopify had a negative return on equity of 8.26% and a negative net margin of 8.96%. The firm had revenue of $151.70 million during the quarter, compared to analyst estimates of $143.94 million. During the same period last year, the firm posted ($0.04) EPS. The business’s revenue was up 75.2% compared to the same quarter last year. Analysts expect that Shopify will post ($0.05) earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently modified their holdings of the company. FNY Partners Fund LP bought a new position in shares of Shopify during the first quarter valued at approximately $102,000. Toronto Dominion Bank increased its position in shares of Shopify by 148.1% in the first quarter. Toronto Dominion Bank now owns 1,630 shares of the software maker’s stock valued at $111,000 after buying an additional 973 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Shopify during the first quarter valued at approximately $116,000. Seven Bridges Advisors LLC bought a new position in shares of Shopify during the second quarter valued at approximately $120,000. Finally, Advisory Services Network LLC increased its position in shares of Shopify by 26.6% in the second quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock valued at $123,000 after buying an additional 298 shares in the last quarter. Institutional investors and hedge funds own 57.07% of the company’s stock.
Shopify Company Profile
Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.
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