Shopify Inc. (SHOP) Coverage Initiated by Analysts at Rosenblatt Securities
Rosenblatt Securities began coverage on shares of Shopify Inc. (NYSE:SHOP) in a research note issued to investors on Wednesday. The brokerage issued a buy rating and a $50.00 price target on the stock.
Other equities analysts have also recently issued research reports about the company. Piper Jaffray Cos. set a $40.00 price objective on Shopify and gave the company a buy rating in a report on Wednesday, August 3rd. RBC Capital Markets reissued an outperform rating and issued a $42.00 price objective (up previously from $37.00) on shares of Shopify in a report on Thursday, August 4th. Monness Crespi & Hardt lifted their price target on Shopify from $35.00 to $39.00 and gave the company a buy rating in a research note on Wednesday, August 3rd. Wedbush restated an outperform rating and issued a $35.00 price target (down previously from $40.00) on shares of Shopify in a research note on Wednesday, August 3rd. Finally, Citigroup Inc. restated a hold rating and issued a $40.00 price target on shares of Shopify in a research note on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $41.44.
Shopify (NYSE:SHOP) opened at 42.48 on Wednesday. The company’s market cap is $3.48 billion. The firm has a 50-day moving average price of $42.61 and a 200-day moving average price of $34.53. Shopify has a 12-month low of $18.48 and a 12-month 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. The business earned $86.36 million during the quarter, compared to analysts’ expectations of $80.62 million. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The company’s revenue for the quarter was up 92.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.03) EPS. On average, analysts forecast that Shopify will post ($0.15) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Mercantile Trust Co. acquired a new position in Shopify during the third quarter worth approximately $124,000. Cubist Systematic Strategies LLC acquired a new position in Shopify during the second quarter worth approximately $104,000. Amica Retiree Medical Trust boosted its position in Shopify by 80.9% in the second quarter. Amica Retiree Medical Trust now owns 3,695 shares of the company’s stock worth $114,000 after buying an additional 1,652 shares in the last quarter. Tocqueville Asset Management L.P. acquired a new position in Shopify during the second quarter worth approximately $246,000. Finally, Vanguard Group Inc. acquired a new position in Shopify during the second quarter worth approximately $247,000. Hedge funds and other institutional investors own 54.07% 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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