Dundee Securities started coverage on shares of Shopify Inc. (NYSE:SHOP) in a research report released on Monday morning, The Fly reports. The brokerage issued a neutral rating on the stock.
Several other equities research analysts have also recently issued reports on SHOP. KeyCorp reissued a buy rating and issued a $37.00 target price on shares of Shopify in a research report on Wednesday, June 29th. Monness Crespi & Hardt raised their target price on shares of Shopify from $35.00 to $39.00 and gave the stock a buy rating in a research report on Wednesday, August 3rd. Royal Bank Of Canada reissued an outperform rating and issued a $37.00 target price on shares of Shopify in a research report on Wednesday, July 27th. RBC Capital Markets reissued an outperform rating and issued a $42.00 target price (up from $37.00) on shares of Shopify in a research report on Thursday, August 4th. Finally, Citigroup Inc. reissued a hold rating and issued a $40.00 target price on shares of Shopify in a research report on Thursday, August 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $40.84.
Shares of Shopify (NYSE:SHOP) opened at 42.82 on Monday. Shopify has a 12 month low of $18.48 and a 12 month high of $45.20. The firm has a 50 day moving average of $42.56 and a 200-day moving average of $34.23. The stock’s market capitalization is $3.50 billion.
Shopify (NYSE:SHOP) last released its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $80.62 million. During the same period last 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. Analysts forecast that Shopify will post ($0.15) earnings per share for the current year.
Several hedge funds have recently modified their holdings of the company. Cubist Systematic Strategies LLC bought a new stake in shares of Shopify during the second quarter worth about $104,000. Amica Retiree Medical Trust raised its stake in Shopify by 80.9% in the second quarter. Amica Retiree Medical Trust now owns 3,695 shares of the company’s stock valued at $114,000 after buying an additional 1,652 shares during the last quarter. First Mercantile Trust Co. acquired a new stake in Shopify during the third quarter valued at $124,000. Bayesian Capital Management LP acquired a new stake in Shopify during the first quarter valued at $238,000. Finally, Tocqueville Asset Management L.P. acquired a new stake in Shopify during the second quarter valued at $246,000. Institutional investors and hedge funds own 54.07% 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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