Investment analysts at Rosenblatt Securities started coverage on shares of Shopify Inc. (NYSE:SHOP) in a research report issued to clients and investors on Wednesday. The brokerage set a “buy” rating and a $50.00 price target on the stock. Rosenblatt Securities’ target price points to a potential upside of 17.70% from the stock’s previous close.
Other equities analysts have also issued research reports about the stock. Morgan Stanley lowered shares of Shopify from an “overweight” rating to an “equal weight” rating and boosted their price objective for the stock from $37.00 to $47.00 in a report on Wednesday, September 28th. They noted that the move was a valuation call. Robert W. Baird reiterated an “outperform” rating and issued a $40.00 price objective (up previously from $34.00) on shares of Shopify in a report on Thursday, August 4th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $37.00 price objective on shares of Shopify in a report on Wednesday, July 27th. Macquarie set a $52.00 price objective on shares of Shopify and gave the stock a “buy” rating in a report on Wednesday, September 14th. Finally, Credit Suisse Group AG reiterated an “outperform” rating and issued a $46.00 price objective on shares of Shopify in a report on Thursday, August 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $41.44.
Shares of Shopify (NYSE:SHOP) opened at 42.48 on Wednesday. The stock has a 50 day moving average price of $42.61 and a 200 day moving average price of $34.53. Shopify has a 52 week low of $18.48 and a 52 week high of $45.20. The firm’s market capitalization is $3.48 billion.
Shopify (NYSE:SHOP) last posted its earnings results on Wednesday, August 3rd. The company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.04. The business had revenue of $86.36 million for the quarter, compared to analyst estimates of $80.62 million. Shopify had a negative net margin of 10.03% and a negative return on equity of 14.67%. The business’s quarterly revenue was up 92.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.03) EPS. Equities analysts forecast that Shopify will post ($0.15) earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Cubist Systematic Strategies LLC bought a new stake in shares of Shopify during the second quarter worth $104,000. Amica Retiree Medical Trust raised 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. First Mercantile Trust Co. bought a new stake in shares of Shopify during the third quarter worth $124,000. Bayesian Capital Management LP bought a new stake in shares of Shopify during the first quarter worth $238,000. Finally, Tocqueville Asset Management L.P. bought a new stake in shares of Shopify during the second quarter worth $246,000. Hedge funds and other institutional investors own 54.07% 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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