Shopify Inc (NYSE:SHOP) Receives $609.44 Average Target Price from Analysts
Shopify Inc (NYSE:SHOP) (TSE:SHOP) has been given an average rating of “Hold” by the thirty-one analysts that are presently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, twenty have issued a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $624.85.
Several equities analysts have issued reports on the company. Robert W. Baird boosted their target price on Shopify from $475.00 to $820.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 6th. Piper Sandler boosted their target price on Shopify from $332.00 to $733.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Barclays boosted their target price on Shopify from $410.00 to $725.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 7th. Wells Fargo & Co cut Shopify from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $500.00 to $700.00 in a research report on Thursday, May 7th. Finally, Pi Financial restated a “buy” rating and issued a $830.00 price target on shares of Shopify in a report on Monday, May 4th.
A number of institutional investors have recently bought and sold shares of the business. Pacifica Partners Inc. purchased a new position in Shopify during the 4th quarter worth approximately $29,000. Squar Milner Financial Services LLC grew its position in Shopify by 102.5% during the 1st quarter. Squar Milner Financial Services LLC now owns 81 shares of the software maker’s stock worth $33,000 after purchasing an additional 41 shares in the last quarter. Sugarloaf Wealth Management LLC purchased a new position in Shopify during the 4th quarter worth approximately $34,000. Key Financial Inc purchased a new position in Shopify during the 1st quarter worth approximately $34,000. Finally, PrairieView Partners LLC purchased a new position in Shopify during the 1st quarter worth approximately $38,000. Hedge funds and other institutional investors own 60.73% of the company’s stock.
Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.70) by $0.89. The firm had revenue of $470.00 million during the quarter, compared to the consensus estimate of $442.92 million. Shopify had a negative return on equity of 2.56% and a negative net margin of 7.65%. The firm’s revenue was up 46.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.09 EPS. As a group, sell-side analysts expect that Shopify will post -2.26 EPS for the current fiscal year.
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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