Shopify Inc. (NYSE:SHOP) (TSE:SH) was upgraded by equities researchers at Vetr from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $121.02 price target on the software maker’s stock. Vetr‘s price objective would indicate a potential upside of 3.08% from the stock’s previous close.

Several other equities research analysts have also weighed in on SHOP. Wedbush restated an “outperform” rating and issued a $115.00 target price (up from $100.00) on shares of Shopify in a report on Tuesday, August 8th. Barclays PLC restated an “equal weight” rating and issued a $90.00 target price (up from $70.00) on shares of Shopify in a report on Wednesday, August 2nd. Robert W. Baird boosted their target price on Shopify from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. Canaccord Genuity restated a “buy” rating and issued a $115.00 target price (up from $90.00) on shares of Shopify in a report on Wednesday, August 2nd. Finally, KeyCorp restated an “overweight” rating on shares of Shopify in a report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $94.80.

Shares of Shopify (SHOP) opened at 117.40 on Tuesday. Shopify has a 12 month low of $37.74 and a 12 month high of $123.94. The firm has a 50-day moving average of $120.50 and a 200 day moving average of $120.50. The firm’s market cap is $11.57 billion.

Shopify (NYSE:SHOP) (TSE:SH) last announced its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. The business had revenue of $151.70 million during the quarter, compared to analyst estimates of $143.94 million. Shopify had a negative return on equity of 8.26% and a negative net margin of 8.96%. The firm’s revenue was up 75.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.04) EPS. On average, equities research analysts anticipate that Shopify will post ($0.04) EPS for the current fiscal year.

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A number of institutional investors have recently bought and sold shares of SHOP. Coatue Management LLC acquired a new position in Shopify in the second quarter worth $228,174,000. FMR LLC boosted its stake in Shopify by 8.5% in the second quarter. FMR LLC now owns 12,560,797 shares of the software maker’s stock worth $1,090,644,000 after purchasing an additional 989,113 shares in the last quarter. Public Sector Pension investment Board acquired a new position in Shopify in the second quarter worth $40,637,000. Franklin Resources Inc. boosted its stake in Shopify by 1,871.5% in the second quarter. Franklin Resources Inc. now owns 398,250 shares of the software maker’s stock worth $34,607,000 after purchasing an additional 378,050 shares in the last quarter. Finally, Toronto Dominion Bank boosted its stake in Shopify by 21,678.2% in the second quarter. Toronto Dominion Bank now owns 354,985 shares of the software maker’s stock worth $30,821,000 after purchasing an additional 353,355 shares in the last quarter. 53.77% of the stock is currently owned by institutional investors.

About Shopify

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.

Analyst Recommendations for Shopify (NYSE:SHOP)

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