SHOP has been the subject of a number of other reports. Morgan Stanley cut Shopify from an overweight rating to an equal weight rating and lifted their price target for the company from $37.00 to $47.00 in a report on Wednesday, September 28th. They noted that the move was a valuation call. Pacific Crest reaffirmed a buy rating on shares of Shopify in a report on Monday, August 22nd. KeyCorp reaffirmed a buy rating and issued a $43.00 price target (up from $40.00) on shares of Shopify in a report on Monday, August 22nd. Macquarie reaffirmed an outperform rating and issued a $67.00 price target (up from $59.00) on shares of Shopify in a report on Wednesday, August 24th. Finally, Bank of America Corp. assumed coverage on Shopify in a report on Friday, August 12th. They issued a neutral rating and a $44.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $40.84.
Shopify (NYSE:SHOP) opened at 43.41 on Thursday. The firm has a 50 day moving average of $42.00 and a 200 day moving average of $33.46. The firm’s market capitalization is $3.55 billion. Shopify has a one year low of $18.48 and a one year high of $45.20.
Shopify (NYSE:SHOP) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ 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 company had revenue of $86.36 million for the quarter, compared to the consensus estimate of $80.62 million. During the same quarter in the previous year, the company earned ($0.03) EPS. The firm’s revenue for the quarter was up 92.9% compared to the same quarter last year. Equities analysts forecast that Shopify will post ($0.15) EPS for the current year.
Several institutional investors have recently modified their holdings of the stock. FMR LLC increased its position in Shopify by 32.9% in the second quarter. FMR LLC now owns 9,586,883 shares of the company’s stock worth $294,892,000 after buying an additional 2,370,708 shares during the period. Insight Holdings Group LLC increased its position in Shopify by 939.0% in the second quarter. Insight Holdings Group LLC now owns 2,444,839 shares of the company’s stock worth $75,203,000 after buying an additional 2,209,539 shares during the period. Abdiel Capital Advisors LP increased its position in Shopify by 43.5% in the second quarter. Abdiel Capital Advisors LP now owns 2,407,342 shares of the company’s stock worth $74,050,000 after buying an additional 730,195 shares during the period. Whale Rock Capital Management LLC increased its position in Shopify by 130.3% in the second quarter. Whale Rock Capital Management LLC now owns 989,538 shares of the company’s stock worth $30,438,000 after buying an additional 559,906 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new position in Shopify during the second quarter worth $15,598,000. Institutional investors and hedge funds own 58.80% of the company’s stock.
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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