Shopify Inc. (SHOP) Downgraded by Morgan Stanley to “Equal Weight”
Morgan Stanley lowered shares of Shopify Inc. (NYSE:SHOP) from an overweight rating to an equal weight rating in a research note released on Wednesday. Morgan Stanley currently has $47.00 price objective on the stock, up from their previous price objective of $37.00. The analysts noted that the move was a valuation call.
A number of other equities research analysts also recently weighed in on SHOP. Macquarie set a $52.00 target price on Shopify and gave the stock a buy rating in a research report on Wednesday, September 14th. Pacific Crest restated a buy rating on shares of Shopify in a research report on Monday, August 22nd. KeyCorp restated a buy rating and set a $43.00 target price (up previously from $40.00) on shares of Shopify in a research report on Monday, August 22nd. Credit Suisse Group AG restated an outperform rating and set a $46.00 target price on shares of Shopify in a research report on Thursday, August 18th. Finally, Bank of America Corp. began coverage on Shopify in a research report on Friday, August 12th. They set a neutral rating and a $44.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Buy and an average target price of $40.20.
Shopify (NYSE:SHOP) opened at 43.03 on Wednesday. The company has a 50 day moving average price of $41.88 and a 200-day moving average price of $33.36. The firm’s market cap is $3.52 billion. Shopify has a 52-week low of $18.48 and a 52-week high of $45.20.
Shopify (NYSE:SHOP) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.04. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The firm earned $86.36 million during the quarter, compared to the consensus estimate of $80.62 million. During the same quarter in the previous year, the company posted ($0.03) EPS. The business’s revenue for the quarter was up 92.9% compared to the same quarter last year. Equities research analysts anticipate that Shopify will post ($0.15) EPS for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Insight Holdings Group LLC boosted its position in Shopify by 939.0% in the second quarter. Insight Holdings Group LLC now owns 2,444,839 shares of the company’s stock valued at $75,203,000 after buying an additional 2,209,539 shares in the last quarter. Bayesian Capital Management LP purchased a new position in Shopify during the first quarter valued at $238,000. Stephens Investment Management Group LLC purchased a new position in Shopify during the second quarter valued at $13,921,000. Macquarie Group Ltd. purchased a new position in Shopify during the second quarter valued at $1,737,000. Finally, I.G. Investment Management LTD. boosted its position in Shopify by 12.2% in the second quarter. I.G. Investment Management LTD. now owns 182,470 shares of the company’s stock valued at $5,613,000 after buying an additional 19,903 shares in the last quarter. 58.80% of the stock is owned by 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.
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