Shopify Inc. (NYSE:SHOP) Upgraded to Strong-Buy by Vetr Inc.

Shopify Inc. (NYSE:SHOP) (TSE:SH) was upgraded by investment analysts at Vetr from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $107.76 target price on the software maker’s stock. Vetr‘s price target would suggest a potential upside of 13.21% from the company’s previous close.

Several other equities analysts have also weighed in on SHOP. Wedbush reaffirmed an “outperform” rating and set a $115.00 target price (up from $100.00) on shares of Shopify in a report on Tuesday. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Shopify in a report on Wednesday. Barclays PLC reissued an “equal weight” rating and issued a $90.00 price target (up previously from $70.00) on shares of Shopify in a report on Wednesday, August 2nd. Robert W. Baird boosted their price target on shares of Shopify from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. Finally, KeyCorp reissued an “overweight” rating on shares of Shopify in a report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $88.33.

Shares of Shopify (NYSE:SHOP) traded down 1.37% on Wednesday, hitting $95.19. 1,750,664 shares of the stock traded hands. The stock’s market cap is $9.38 billion. The stock’s 50 day moving average price is $90.58 and its 200 day moving average price is $75.95. Shopify has a 52-week low of $36.36 and a 52-week high of $105.79.

Shopify (NYSE:SHOP) (TSE:SH) last posted its earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.05. The firm had revenue of $151.70 million during the quarter, compared to analyst estimates of $143.94 million. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The business’s quarterly revenue was up 75.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.04) EPS. On average, equities analysts expect that Shopify will post ($0.05) EPS for the current fiscal year.

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Hedge funds and other institutional investors have recently bought and sold shares of the stock. Seven Bridges Advisors LLC bought a new position in Shopify during the second quarter worth approximately $120,000. FNY Partners Fund LP acquired a new stake in shares of Shopify during the first quarter valued at about $102,000. Toronto Dominion Bank boosted its stake in shares of Shopify by 148.1% in the first quarter. Toronto Dominion Bank now owns 1,630 shares of the software maker’s stock valued at $111,000 after buying an additional 973 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Shopify during the first quarter valued at about $116,000. Finally, FNY Managed Accounts LLC acquired a new stake in shares of Shopify during the first quarter valued at about $136,000. 61.47% of the stock is currently owned by institutional investors.

Shopify Company Profile

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.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Shopify (NYSE:SHOP)

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