Shopify Inc. (SHOP) Coverage Initiated at Goldman Sachs Group Inc.
Analysts at Goldman Sachs Group Inc. began coverage on shares of Shopify Inc. (NYSE:SHOP) in a report issued on Tuesday. The firm set a “buy” rating and a $53.00 price target on the stock. Goldman Sachs Group Inc.’s price objective would suggest a potential upside of 19.48% from the company’s current price.
Several other equities research analysts have also weighed in on the company. CIBC began coverage on Shopify in a research report on Thursday, September 29th. They set a “sector outperform” rating on the stock. Morgan Stanley lowered Shopify from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $37.00 to $47.00 in a research report on Wednesday, September 28th. They noted that the move was a valuation call. Macquarie set a $52.00 target price on Shopify and gave the stock a “buy” rating in a research report on Wednesday, September 14th. Pacific Crest reissued a “buy” rating on shares of Shopify in a research report on Monday, August 22nd. Finally, KeyCorp reissued a “buy” rating and set a $43.00 target price (up previously from $40.00) on shares of Shopify in a research report on Monday, August 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Shopify currently has an average rating of “Buy” and an average target price of $40.84.
Shares of Shopify (NYSE:SHOP) traded up 1.56% on Tuesday, reaching $44.36. The company’s stock had a trading volume of 735,420 shares. The company’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 stock has a 50-day moving average price of $42.41 and a 200-day moving average price of $33.73.
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Shopify (NYSE:SHOP) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.04. The company had revenue of $86.36 million for 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%. Shopify’s revenue for the quarter was up 92.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.03) EPS. On average, equities research analysts forecast that Shopify will post ($0.15) EPS for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in SHOP. Macquarie Group Ltd. acquired a new stake in Shopify during the second quarter valued at approximately $1,737,000. Amica Pension Fund Board of Trustees boosted its stake in 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 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. Stephens Investment Management Group LLC acquired a new stake in Shopify during the second quarter valued at approximately $13,921,000. Finally, CIBC World Markets Inc. boosted 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. Institutional investors own 58.80% of the company’s stock.
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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