Benchmark Co. initiated coverage on shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) in a report released on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a hold rating on the software maker’s stock.
Several other analysts have also recently issued reports on SHOP. Vetr cut shares of Shopify from a strong-buy rating to a buy rating and set a $101.92 price objective for the company. in a research note on Tuesday, July 11th. BidaskClub upgraded shares of Shopify from a buy rating to a strong-buy rating in a report on Wednesday, July 12th. Goldman Sachs Group, Inc. (The) lowered shares of Shopify from a buy rating to a neutral rating and decreased their target price for the company from $100.80 to $96.00 in a report on Tuesday, June 13th. Stephens reiterated an equal weight rating and issued a $97.00 target price on shares of Shopify in a report on Friday, June 23rd. Finally, Barclays PLC boosted their target price on shares of Shopify from $64.00 to $70.00 and gave the company an equal weight rating in a report on Wednesday, May 3rd. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Shopify currently has a consensus rating of Buy and an average price target of $79.11.
Shopify (SHOP) traded down 2.08% on Wednesday, hitting $90.49. 1,516,021 shares of the company’s stock traded hands. The stock has a 50-day moving average of $91.40 and a 200-day moving average of $68.12. The stock’s market cap is $8.27 billion. Shopify has a one year low of $31.82 and a one year high of $100.80.
Shopify (NYSE:SHOP) (TSE:SH) last announced its quarterly earnings data on Tuesday, May 2nd. The software maker reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.07. Shopify had a negative net margin of 9.01% and a negative return on equity of 11.26%. The company had revenue of $127.40 million during the quarter, compared to analysts’ expectations of $121.67 million. During the same quarter in the prior year, the company earned ($0.06) EPS. Shopify’s revenue was up 75.2% compared to the same quarter last year. On average, equities analysts forecast that Shopify will post ($0.14) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Morgan Stanley increased its position in Shopify by 117.8% in the first quarter. Morgan Stanley now owns 643,902 shares of the software maker’s stock worth $43,843,000 after buying an additional 348,254 shares during the period. Norges Bank bought a new position in Shopify during the fourth quarter worth approximately $14,251,000. Steadfast Capital Management LP bought a new position in Shopify during the first quarter worth approximately $21,630,000. Montrusco Bolton Investments Inc. bought a new position in Shopify during the first quarter worth approximately $13,544,000. Finally, FMR LLC increased its position in Shopify by 1.5% in the first quarter. FMR LLC now owns 11,571,684 shares of the software maker’s stock worth $787,916,000 after buying an additional 171,294 shares during the period. 61.34% of the stock is currently owned by hedge funds and other institutional investors.
Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.
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