Rosenblatt Securities Begins Coverage on Shopify (SHOP)
Rosenblatt Securities initiated coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $188.00 target price on the software maker’s stock.
SHOP has been the subject of a number of other reports. Barclays upped their target price on shares of Shopify from $125.00 to $155.00 and gave the company an equal weight rating in a report on Monday, July 23rd. They noted that the move was a valuation call. Roth Capital upped their target price on shares of Shopify from $165.00 to $192.00 and gave the company a buy rating in a report on Tuesday, July 24th. Royal Bank of Canada upped their target price on shares of Shopify from $126.00 to $157.00 and gave the company a sector perform rating in a report on Thursday, July 26th. KeyCorp reaffirmed an overweight rating and issued a $182.00 target price (up from $170.00) on shares of Shopify in a report on Tuesday, June 19th. Finally, TheStreet raised shares of Shopify from a d+ rating to a c rating in a report on Monday, May 21st. Seven investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $161.90.
Shares of SHOP opened at $140.64 on Tuesday. Shopify has a 1-year low of $89.35 and a 1-year high of $176.60. The company has a debt-to-equity ratio of 0.01, a current ratio of 12.89 and a quick ratio of 12.89. The firm has a market capitalization of $14.89 billion, a P/E ratio of -334.86 and a beta of 1.17.
Institutional investors have recently modified their holdings of the company. Resources Investment Advisors Inc. increased its stake in shares of Shopify by 10,257.1% during the second quarter. Resources Investment Advisors Inc. now owns 725 shares of the software maker’s stock worth $106,000 after acquiring an additional 718 shares during the period. Next Century Growth Investors LLC acquired a new position in shares of Shopify during the first quarter worth about $115,000. Signaturefd LLC acquired a new position in shares of Shopify during the first quarter worth about $132,000. Shine Investment Advisory Services Inc. acquired a new position in shares of Shopify during the second quarter worth about $159,000. Finally, Captrust Financial Advisors increased its stake in shares of Shopify by 643.3% during the second quarter. Captrust Financial Advisors now owns 1,115 shares of the software maker’s stock worth $163,000 after acquiring an additional 965 shares during the period. Institutional investors and hedge funds own 60.72% of the company’s stock.
Shopify Company Profile
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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