Shopify’s (SHOP) “Buy” Rating Reiterated at Rosenblatt Securities

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Rosenblatt Securities reissued their buy rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a report issued on Friday, AnalystRatings.com reports. The brokerage currently has a $410.00 price objective on the software maker’s stock.

“We reiterate our Buy rating and raise our DCF-based PT from $395 to $410. Latest POS software and hardware stack ready to scale upstream. SHOP’s POS software and hardware kit were both upgraded this past 2Q with feature sets that close the gap between small to large brick and mortar (B&M) needs. Nearly 100k B&M retailers, ~10% of SHOP’s merchant base, use SHOP’s POS app, which seamlessly syncs a mobile device to an online SHOP store, enabling an associate to sell product in-person anywhere a customer is present. Orders and inventory can then be managed and tracked across multiple sales channels on the app. SHOP’s proprietary hardware kit (cash drawer, receipt printer, barcode scanner etc.) completes the out of the box SHOP on/offline storefront.”,” Rosenblatt Securities’ analyst commented.

Several other research firms have also recently commented on SHOP. Mackie raised their target price on shares of Shopify from $280.00 to $360.00 and gave the stock a buy rating in a research report on Monday, July 15th. Canaccord Genuity raised their target price on shares of Shopify from $360.00 to $385.00 and gave the stock a buy rating in a research report on Thursday, August 1st. KeyCorp reaffirmed an overweight rating and issued a $350.00 target price (up from $300.00) on shares of Shopify in a research report on Monday, July 8th. Credit Suisse Group raised their target price on shares of Shopify from $190.00 to $275.00 and gave the stock an outperform rating in a research report on Wednesday, May 1st. Finally, Robert W. Baird raised their target price on shares of Shopify from $360.00 to $370.00 in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $324.19.

NYSE:SHOP opened at $321.39 on Friday. The stock has a 50-day moving average of $319.36. Shopify has a 12 month low of $117.64 and a 12 month high of $350.79. The company has a debt-to-equity ratio of 0.05, a quick ratio of 12.57 and a current ratio of 12.56. The stock has a market cap of $37.05 billion, a PE ratio of -526.87 and a beta of 1.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Thursday, August 1st. The software maker reported $0.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.31) by $0.45. Shopify had a negative net margin of 5.98% and a negative return on equity of 3.95%. The firm had revenue of $361.98 million during the quarter, compared to analysts’ expectations of $350.59 million. During the same period last year, the company posted $0.02 EPS. The company’s quarterly revenue was up 47.8% compared to the same quarter last year. On average, equities research analysts expect that Shopify will post -0.78 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of SHOP. Baillie Gifford & Co. lifted its position in Shopify by 56.3% during the 1st quarter. Baillie Gifford & Co. now owns 5,920,039 shares of the software maker’s stock valued at $1,223,199,000 after acquiring an additional 2,132,030 shares during the period. Thoroughbred Financial Services LLC lifted its position in Shopify by 29,316.3% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,533,766 shares of the software maker’s stock valued at $153,377,000 after acquiring an additional 1,528,552 shares during the period. Norges Bank purchased a new position in Shopify during the 4th quarter valued at about $101,062,000. CIBC World Markets Inc. lifted its position in Shopify by 378.5% during the 1st quarter. CIBC World Markets Inc. now owns 865,184 shares of the software maker’s stock valued at $178,764,000 after acquiring an additional 684,365 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in Shopify by 76.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 507,158 shares of the software maker’s stock valued at $104,789,000 after acquiring an additional 219,284 shares during the period. 67.62% of the stock is owned by institutional investors.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Analyst Recommendations for Shopify (NYSE:SHOP)

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