Shopify Inc. (SHOP) Receives Buy Rating from Pacific Crest
Other research analysts have also recently issued research reports about the stock. Canaccord Genuity restated a buy rating and issued a $44.00 target price on shares of Shopify in a report on Thursday, August 4th. Piper Jaffray Cos. set a $40.00 target price on shares of Shopify and gave the stock a buy rating in a report on Wednesday, August 3rd. Zacks Investment Research upgraded shares of Shopify from a hold rating to a buy rating and set a $36.00 target price on the stock in a report on Tuesday, July 12th. Monness Crespi & Hardt began coverage on shares of Shopify in a report on Wednesday, June 29th. They issued a buy rating and a $35.00 target price on the stock. Finally, KeyCorp reaffirmed a buy rating and issued a $37.00 price target on shares of Shopify in a research note on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Buy and an average price target of $40.84.
Shares of Shopify (NYSE:SHOP) traded up 1.40% during mid-day trading on Friday, reaching $44.29. 591,020 shares of the company’s stock were exchanged. The firm’s market capitalization is $3.62 billion. Shopify has a one year low of $18.48 and a one year high of $45.20. The stock has a 50-day moving average of $42.30 and a 200 day moving average of $33.61.
Shopify (NYSE:SHOP) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.04. Shopify had a negative net margin of 10.03% and a negative return on equity of 14.67%. The firm had revenue of $86.36 million for the quarter, compared to analysts’ expectations of $80.62 million. During the same quarter last year, the business earned ($0.03) earnings per share. The business’s revenue was up 92.9% on a year-over-year basis. On average, analysts forecast that Shopify will post ($0.15) EPS for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in the company. First Mercantile Trust Co. acquired a new stake in Shopify during the third quarter valued at approximately $124,000. Macquarie Group Ltd. acquired a new stake in Shopify during the second quarter valued at approximately $1,737,000. Royal Bank of Canada increased its stake in Shopify by 36.9% in the second quarter. Royal Bank of Canada now owns 235,561 shares of the company’s stock valued at $7,246,000 after buying an additional 63,551 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Shopify during the second quarter valued at approximately $5,835,000. Finally, Whale Rock Capital Management LLC increased its stake in Shopify by 130.3% in the second quarter. Whale Rock Capital Management LLC now owns 989,538 shares of the company’s stock valued at $30,438,000 after buying an additional 559,906 shares during the last quarter. Institutional investors own 58.80% of the company’s stock.
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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