Mackie assumed coverage on shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) in a research report report published on Tuesday morning. The firm issued a buy rating and a $60.00 price objective on the stock.

SHOP has been the subject of several other reports. Goldman Sachs Group Inc. initiated coverage on Shopify in a research report on Tuesday, October 4th. They set a buy rating and a $53.00 price target for the company. Morgan Stanley cut Shopify from an overweight rating to an equal weight rating and boosted their price target for the stock from $37.00 to $47.00 in a research report on Wednesday, September 28th. They noted that the move was a valuation call. Piper Jaffray Cos. reiterated a buy rating and set a $50.00 price target on shares of Shopify in a research report on Wednesday, November 2nd. Pacific Crest reiterated a buy rating on shares of Shopify in a research report on Friday, October 7th. Finally, BTIG Research initiated coverage on Shopify in a research report on Wednesday, November 16th. They set a buy rating for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Shopify has a consensus rating of Buy and a consensus target price of $44.51.

Shares of Shopify (NYSE:SHOP) opened at 42.59 on Tuesday. The company’s market capitalization is $3.79 billion. Shopify has a 52-week low of $18.48 and a 52-week high of $45.45. The stock’s 50 day moving average price is $41.96 and its 200 day moving average price is $36.97.

Shopify (NYSE:SHOP) last announced its earnings results on Wednesday, November 2nd. The company reported ($0.02) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.01. The business earned $99.60 million during the quarter, compared to the consensus estimate of $94.62 million. Shopify had a negative return on equity of 13.30% and a negative net margin of 9.96%. The business’s quarterly revenue was up 88.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.03) EPS. On average, equities research analysts forecast that Shopify will post ($0.14) earnings per share for the current fiscal year.

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A number of large investors have recently bought and sold shares of SHOP. BlackRock Advisors LLC bought a new stake in Shopify during the second quarter worth about $3,414,000. Gilder Gagnon Howe & Co. LLC raised its stake in Shopify by 22.8% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 113,931 shares of the company’s stock worth $3,505,000 after buying an additional 21,179 shares in the last quarter. Stephens Investment Management Group LLC bought a new stake in Shopify during the second quarter worth about $13,921,000. Macquarie Group Ltd. bought a new stake in Shopify during the second quarter worth about $1,737,000. Finally, Nationwide Fund Advisors raised its stake in Shopify by 6.3% in the third quarter. Nationwide Fund Advisors now owns 60,802 shares of the company’s stock worth $2,610,000 after buying an additional 3,580 shares in the last quarter. 68.40% of the stock is currently owned by institutional investors.

About Shopify

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.

5 Day Chart for NYSE:SHOP

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