Shopify’s (SHOP) “Buy” Rating Reaffirmed at BTIG Research
BTIG Research reissued their buy rating on shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) in a research note released on Thursday morning. The brokerage currently has a $55.00 price objective on the stock.
SHOP has been the subject of a number of other reports. Goldman Sachs Group, Inc. (The) initiated coverage on shares of Shopify in a report on Tuesday, October 4th. They set a buy rating and a $53.00 price objective for the company. Mackie began coverage on shares of Shopify in a research report on Tuesday, November 29th. They issued a buy rating and a $60.00 target price on the stock. Morgan Stanley cut shares of Shopify from an overweight rating to an equal weight rating and lifted their target price 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 Companies reiterated a buy rating and issued a $50.00 target price on shares of Shopify in a research report on Wednesday, November 2nd. Finally, Pacific Crest reiterated a buy rating on shares of Shopify in a research report on Friday, October 7th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $47.44.
Shares of Shopify (NYSE:SHOP) traded down 0.99% during mid-day trading on Thursday, reaching $48.10. 1,054,174 shares of the company’s stock were exchanged. Shopify has a one year low of $18.48 and a one year high of $49.43. The company has a 50 day moving average price of $42.98 and a 200-day moving average price of $40.13. The stock’s market cap is $4.28 billion.
Shopify (NYSE:SHOP) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.01. Shopify had a negative net margin of 9.96% and a negative return on equity of 13.30%. The company earned $99.60 million during the quarter, compared to the consensus estimate of $94.62 million. During the same period in the previous year, the firm posted ($0.03) EPS. The firm’s revenue was up 88.6% compared to the same quarter last year. On average, analysts predict that Shopify will post ($0.14) EPS for the current year.
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Large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its position in shares of Shopify by 35.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 4,191,007 shares of the company’s stock valued at $179,878,000 after buying an additional 1,099,614 shares in the last quarter. LPL Financial LLC purchased a new position in shares of Shopify during the third quarter valued at about $467,000. Credit Suisse AG increased its position in shares of Shopify by 21.0% in the third quarter. Credit Suisse AG now owns 26,340 shares of the company’s stock valued at $1,131,000 after buying an additional 4,579 shares in the last quarter. Picton Mahoney Asset Management purchased a new position in shares of Shopify during the third quarter valued at about $1,962,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Shopify by 53.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,635,131 shares of the company’s stock valued at $70,033,000 after buying an additional 569,800 shares in the last quarter. 68.96% of the stock is currently owned by institutional investors and hedge funds.
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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