Several other research analysts have also issued reports on SHOP. TheStreet started coverage on Shopify in a research report on Thursday, June 23rd. They set a sell rating for the company. Monness Crespi & Hardt started coverage on shares of Shopify in a research note on Wednesday, June 29th. They set a buy rating and a $35.00 price target for the company. Zacks Investment Research raised shares of Shopify from a hold rating to a buy rating and set a $36.00 price target for the company in a research note on Tuesday, July 12th. Piper Jaffray Cos. reaffirmed a buy rating and set a $32.00 price target on shares of Shopify in a research note on Monday, July 18th. Finally, Royal Bank Of Canada reaffirmed an outperform rating and set a $37.00 price target on shares of Shopify in a research note on Wednesday, July 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $40.84.
Shares of Shopify (NYSE:SHOP) opened at 44.36 on Friday. The stock’s market capitalization is $3.63 billion. Shopify has a 52 week low of $18.48 and a 52 week high of $45.20. The firm’s 50-day moving average price is $42.41 and its 200 day moving average price is $33.73.
Shopify (NYSE:SHOP) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.04. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The business earned $86.36 million during the quarter, compared to analyst estimates of $80.62 million. During the same quarter in the previous year, the business earned ($0.03) earnings per share. The company’s revenue for the quarter was up 92.9% compared to the same quarter last year. Analysts expect that Shopify will post ($0.15) earnings per share for the current year.
Several large investors have recently made changes to their positions in the stock. FMR LLC raised its stake in shares of 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 raised its stake in shares of 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 raised its stake in shares of 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 raised its stake in shares of 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, Lord Abbett & CO. LLC raised its stake in shares of Shopify by 19.6% in the second quarter. Lord Abbett & CO. LLC now owns 737,295 shares of the company’s stock worth $22,679,000 after buying an additional 121,033 shares during the period. 58.80% of the stock is currently owned by hedge funds and other institutional investors.
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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