Shopify Inc. (SHOP) Rating Reiterated by Pacific Crest
Shopify Inc. (NYSE:SHOP)‘s stock had its “buy” rating restated by investment analysts at Pacific Crest in a note issued to investors on Friday.
SHOP has been the subject of a number of other research reports. Macquarie set a $52.00 price target on Shopify and gave the stock a “buy” rating in a research note on Wednesday, September 14th. Robert W. Baird reaffirmed an “outperform” rating and issued a $40.00 price target (up previously from $34.00) on shares of Shopify in a research note on Thursday, August 4th. Goldman Sachs Group Inc. began coverage on Shopify in a research note on Tuesday. They issued a “buy” rating and a $53.00 price target for the company. Morgan Stanley lowered Shopify from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $37.00 to $47.00 in a research note on Wednesday, September 28th. They noted that the move was a valuation call. Finally, Monness Crespi & Hardt began coverage on Shopify in a research note on Wednesday, June 29th. They issued a “buy” rating and a $35.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Shopify presently has an average rating of “Buy” and an average price target of $40.84.
Shares of Shopify (NYSE:SHOP) traded up 1.40% during mid-day trading on Friday, reaching $44.29. 591,020 shares of the company’s stock were exchanged. Shopify has a one year low of $18.48 and a one year high of $45.20. The firm’s market capitalization is $3.62 billion. The stock has a 50-day moving average of $42.30 and a 200 day moving average of $33.61.
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Shopify (NYSE:SHOP) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.04. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The company earned $86.36 million during the quarter, compared to analyst estimates of $80.62 million. During the same quarter last year, the firm posted ($0.03) earnings per share. The firm’s revenue was up 92.9% on a year-over-year basis. On average, analysts forecast that Shopify will post ($0.15) EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. First Mercantile Trust Co. acquired a new position in Shopify during the third quarter worth approximately $124,000. Cubist Systematic Strategies LLC acquired a new position in Shopify during the second quarter worth approximately $104,000. Amica Retiree Medical Trust boosted its position in 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. Tocqueville Asset Management L.P. acquired a new position in Shopify during the second quarter worth approximately $246,000. Finally, Vanguard Group Inc. acquired a new position in Shopify during the second quarter worth approximately $247,000. 58.80% of the stock is currently owned by institutional investors.
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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