Shopify’s (SHOP) Buy Rating Reaffirmed at Pacific Crest
Shopify Inc. (NYSE:SHOP)‘s stock had its “buy” rating reiterated by investment analysts at Pacific Crest in a report issued on Friday.
A number of other equities analysts have also weighed in on SHOP. KeyCorp reiterated a “buy” rating and set a $37.00 price objective on shares of Shopify in a research note on Wednesday, June 29th. Monness Crespi & Hardt lifted their price objective on Shopify from $35.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Royal Bank Of Canada reiterated an “outperform” rating and set a $37.00 price objective on shares of Shopify in a research note on Wednesday, July 27th. RBC Capital Markets reiterated an “outperform” rating and set a $42.00 price objective (up previously from $37.00) on shares of Shopify in a research note on Thursday, August 4th. Finally, Citigroup Inc. reiterated a “hold” rating and set a $40.00 price objective on shares of Shopify in a research note on Thursday, August 4th. One investment 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’s stock. The company has an average rating of “Buy” and a consensus target price of $40.84.
Shopify (NYSE:SHOP) traded up 1.56% during midday trading on Friday, hitting $44.36. The company had a trading volume of 735,420 shares. The firm’s market capitalization is $3.63 billion. Shopify has a 1-year low of $18.48 and a 1-year high of $45.20. The company has a 50 day moving average price of $42.30 and a 200 day moving average price of $33.61.
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Shopify (NYSE:SHOP) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.04. The company earned $86.36 million during the quarter, compared to analyst estimates 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 last year, the business posted ($0.03) EPS. Equities research analysts forecast that Shopify will post ($0.15) earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Macquarie Group Ltd. bought a new position in shares of Shopify during the second quarter valued at $1,737,000. Amica Pension Fund Board of Trustees boosted its position in shares of Shopify by 80.0% in the second quarter. Amica Pension Fund Board of Trustees now owns 23,964 shares of the company’s stock valued at $737,000 after buying an additional 10,654 shares in the last quarter. Amica Retiree Medical Trust boosted its position in shares of 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. Stephens Investment Management Group LLC bought a new position in shares of Shopify during the second quarter valued at $13,921,000. Finally, CIBC World Markets Inc. boosted its position in shares of 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. Institutional investors and hedge funds 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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