Shopify’s (SHOP) “Buy” Rating Reaffirmed at KeyCorp
KeyCorp restated their buy rating on shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) in a research note issued to investors on Friday morning. The firm currently has a $116.00 price objective on the software maker’s stock.
Other equities analysts also recently issued research reports about the stock. Vetr raised shares of Shopify from a hold rating to a buy rating and set a $100.00 price target on the stock in a report on Tuesday, May 30th. Industrial Alliance Securities lifted their price target on shares of Shopify from $87.00 to $134.00 and gave the company a buy rating in a report on Friday, May 26th. BidaskClub downgraded shares of Shopify from a strong-buy rating to a buy rating in a report on Wednesday, June 14th. Roth Capital lifted their price target on shares of Shopify from $82.00 to $92.00 and gave the company a buy rating in a report on Monday, May 15th. Finally, Zacks Investment Research raised shares of Shopify from a hold rating to a buy rating and set a $101.00 price target on the stock in a report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $91.95.
Shares of Shopify (NYSE:SHOP) opened at 117.99 on Friday. The firm has a 50-day moving average of $99.26 and a 200 day moving average of $84.68. Shopify has a 1-year low of $37.74 and a 1-year high of $118.60. The stock’s market capitalization is $11.63 billion.
Shopify (NYSE:SHOP) (TSE:SH) last issued its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.05. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The business had revenue of $151.70 million for the quarter, compared to the consensus estimate of $143.94 million. During the same quarter in the previous year, the firm earned ($0.04) earnings per share. The company’s revenue for the quarter was up 75.2% on a year-over-year basis. Analysts predict that Shopify will post ($0.05) EPS for the current year.
Hedge funds have recently bought and sold shares of the business. Seven Bridges Advisors LLC bought a new position in Shopify during the second quarter valued at $120,000. Advisory Services Network LLC increased its position in Shopify by 26.6% during the second quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock valued at $123,000 after acquiring an additional 298 shares during the last quarter. FNY Partners Fund LP bought a new position in Shopify during the first quarter valued at $102,000. Edmond DE Rothschild Holding S.A. bought a new position in Shopify during the second quarter valued at $135,000. Finally, Toronto Dominion Bank increased its position in Shopify by 148.1% during the first quarter. Toronto Dominion Bank now owns 1,630 shares of the software maker’s stock valued at $111,000 after acquiring an additional 973 shares during the last quarter. Institutional investors and hedge funds own 53.78% 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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