Wedbush reissued their outperform rating on shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) in a report published on Tuesday morning. They currently have a $115.00 price objective on the software maker’s stock, up from their previous price objective of $100.00.

A number of other equities analysts have also weighed in on the stock. CSFB reiterated an outperform rating and issued a $128.00 price objective on shares of Shopify in a research report on Tuesday, May 23rd. Royal Bank Of Canada lifted their price objective on shares of Shopify from $77.00 to $78.00 and gave the company a sector perform rating in a research report on Wednesday, May 3rd. SunTrust Banks, Inc. started coverage on shares of Shopify in a research report on Monday, June 26th. They issued a hold rating and a $90.00 price objective on the stock. BidaskClub lowered shares of Shopify from a strong-buy rating to a buy rating in a research report on Wednesday, June 14th. Finally, Vetr lowered shares of Shopify from a strong-buy rating to a buy rating and set a $101.92 price objective on the stock. in a research report on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twenty have given a buy rating to the stock. Shopify has an average rating of Buy and an average price target of $88.33.

Shopify (NYSE:SHOP) traded down 0.51% during midday trading on Tuesday, hitting $96.02. 1,322,003 shares of the stock traded hands. The firm’s market cap is $9.46 billion. The company’s 50-day moving average is $91.55 and its 200 day moving average is $76.40. Shopify has a 12-month low of $37.00 and a 12-month high of $105.79.

Shopify (NYSE:SHOP) (TSE:SH) last announced its earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.05. The business had revenue of $151.70 million for the quarter, compared to analyst estimates of $143.94 million. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The company’s revenue for the quarter was up 75.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.04) earnings per share. On average, analysts anticipate that Shopify will post ($0.05) EPS for the current fiscal year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC increased its position in Shopify by 1.5% in the first quarter. FMR LLC now owns 11,571,684 shares of the software maker’s stock valued at $787,916,000 after buying an additional 171,294 shares during the period. Renaissance Technologies LLC increased its position in Shopify by 4.7% in the first quarter. Renaissance Technologies LLC now owns 1,347,000 shares of the software maker’s stock valued at $91,732,000 after buying an additional 61,000 shares during the period. Scge Management L.P. increased its position in Shopify by 16.7% in the first quarter. Scge Management L.P. now owns 1,015,000 shares of the software maker’s stock valued at $69,111,000 after buying an additional 145,000 shares during the period. Morgan Stanley increased its position in Shopify by 117.8% in the first quarter. Morgan Stanley now owns 643,902 shares of the software maker’s stock valued at $43,843,000 after buying an additional 348,254 shares during the period. Finally, TD Asset Management Inc. increased its position in Shopify by 96.7% in the second quarter. TD Asset Management Inc. now owns 607,330 shares of the software maker’s stock valued at $52,657,000 after buying an additional 298,510 shares during the period. 61.47% of the stock is owned by institutional investors and hedge funds.

About Shopify

Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.

Analyst Recommendations for Shopify (NYSE:SHOP)

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