Pacific Crest Reaffirms Buy Rating for Shopify Inc. (SHOP)
Shopify Inc. (NYSE:SHOP)‘s stock had its “buy” rating reissued by stock analysts at Pacific Crest in a research report issued on Friday.
SHOP has been the topic of several other research reports. Goldman Sachs Group Inc. started coverage on Shopify in a report on Tuesday. They issued a “buy” rating and a $53.00 price target on the stock. Morgan Stanley cut Shopify from an “overweight” rating to an “equal weight” rating and raised their price target for the company from $37.00 to $47.00 in a report on Wednesday, September 28th. They noted that the move was a valuation call. Macquarie reaffirmed an “outperform” rating and issued a $67.00 price target (up previously from $59.00) on shares of Shopify in a report on Wednesday, August 24th. TheStreet started coverage on Shopify in a report on Thursday, June 23rd. They issued a “sell” rating on the stock. Finally, KeyCorp reaffirmed a “buy” rating and issued a $43.00 price target (up previously from $40.00) on shares of Shopify in a report on Monday, August 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Shopify has a consensus rating of “Buy” and an average price target of $40.84.
Shares of Shopify (NYSE:SHOP) traded up 1.56% during mid-day trading on Friday, reaching $44.36. The company had a trading volume of 735,420 shares. The stock has a 50 day moving average price of $42.30 and a 200 day moving average price of $33.61. Shopify has a 12-month low of $18.48 and a 12-month high of $45.20. The firm’s market capitalization is $3.63 billion.
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Shopify (NYSE:SHOP) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.04. The business had revenue of $86.36 million for the quarter, compared to analysts’ expectations of $80.62 million. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The firm’s quarterly revenue was up 92.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.03) EPS. On average, equities analysts forecast that Shopify will post ($0.15) earnings per share for the current year.
Several large investors have recently modified their holdings of SHOP. CIBC World Markets Inc. raised its stake in Shopify by 7.7% in the first quarter. CIBC World Markets Inc. now owns 11,967 shares of the company’s stock valued at $338,000 after buying an additional 855 shares in the last quarter. 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 in the last quarter. Manitou Investment Management Ltd. raised its stake in Shopify by 17.1% in the second quarter. Manitou Investment Management Ltd. now owns 16,080 shares of the company’s stock valued at $495,000 after buying an additional 2,350 shares in the last quarter. First Mercantile Trust Co. purchased a new stake in Shopify during the third quarter valued at $124,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Shopify during the second quarter valued at $104,000. Hedge funds and other institutional investors own 58.80% 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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