Morgan Stanley lowered shares of Shopify Inc. (NYSE:SHOP) from an overweight rating to an equal weight rating in a research note issued to investors on Wednesday morning. They currently have $47.00 price objective on the stock, up from their previous price objective of $37.00. The analysts noted that the move was a valuation call.
A number of other research firms have also recently commented on SHOP. KeyCorp reiterated a buy rating and set a $37.00 price target on shares of Shopify in a report on Wednesday, June 29th. Monness Crespi & Hardt increased their price target on shares of Shopify from $35.00 to $39.00 and gave the company a buy rating in a report on Wednesday, August 3rd. Royal Bank Of Canada reiterated an outperform rating and set a $37.00 price target on shares of Shopify in a report on Wednesday, July 27th. RBC Capital Markets reiterated an outperform rating and set a $42.00 price target (up previously from $37.00) on shares of Shopify in a report on Thursday, August 4th. Finally, Citigroup Inc. reiterated a hold rating and set a $40.00 price target on shares of Shopify in a report on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Shopify currently has an average rating of Buy and a consensus target price of $40.20.
Shares of Shopify (NYSE:SHOP) opened at 43.03 on Wednesday. The company’s market cap is $3.52 billion. Shopify has a one year low of $18.48 and a one year high of $45.20. The firm’s 50-day moving average is $41.88 and its 200-day moving average is $33.36.
Shopify (NYSE:SHOP) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.04) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.04. Shopify had a negative net margin of 10.03% and a negative return on equity of 14.67%. The firm had revenue of $86.36 million for the quarter, compared to analysts’ expectations of $80.62 million. During the same quarter in the prior year, the company posted ($0.03) earnings per share. The business’s revenue for the quarter was up 92.9% on a year-over-year basis. On average, equities analysts anticipate that Shopify will post ($0.15) EPS for the current year.
Several hedge funds have recently made changes to their positions in the stock. CIBC World Markets Inc. increased its stake in shares of Shopify by 7.7% in the first quarter. CIBC World Markets Inc. now owns 11,967 shares of the company’s stock worth $338,000 after buying an additional 855 shares in the last quarter. Amica Retiree Medical Trust increased its stake in shares of 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. Manitou Investment Management Ltd. increased its stake in shares of Shopify by 17.1% in the second quarter. Manitou Investment Management Ltd. now owns 16,080 shares of the company’s stock worth $495,000 after buying an additional 2,350 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Shopify during the second quarter worth about $104,000. Finally, Hamilton Lane Advisors LLC increased its stake in shares of Shopify by 26.2% in the second quarter. Hamilton Lane Advisors LLC now owns 27,981 shares of the company’s stock worth $820,000 after buying an additional 5,806 shares in the last quarter. Hedge funds and other institutional investors own 58.80% of the company’s stock.
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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