Shopify Inc. (SHOP) Given Buy Rating at KeyCorp
Shopify Inc. (NYSE:SHOP)‘s stock had its “buy” rating reissued by analysts at KeyCorp in a research report issued to clients and investors on Sunday.
SHOP has been the subject of several other reports. Monness Crespi & Hardt upped their target price on shares of 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 target price on shares of Shopify in a research note on Wednesday, July 27th. RBC Capital Markets restated an “outperform” rating and issued a $42.00 price objective (up previously from $37.00) on shares of Shopify in a research note on Thursday, August 4th. Citigroup Inc. restated a “hold” rating and issued a $40.00 price objective on shares of Shopify in a research note on Thursday, August 4th. Finally, Piper Jaffray Cos. restated a “buy” rating and issued a $32.00 price objective on shares of Shopify in a research note on Monday, July 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $40.84.
Shopify (NYSE:SHOP) opened at 44.36 on Friday. The stock has a 50 day moving average of $42.41 and a 200 day moving average of $33.73. The firm’s market capitalization is $3.63 billion. Shopify has a 12-month low of $18.48 and a 12-month high of $45.20.
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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 for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.04. Shopify had a negative net margin of 10.03% and a negative return on equity of 14.67%. The business earned $86.36 million during the quarter, compared to analysts’ expectations of $80.62 million. During the same period in the previous year, the company earned ($0.03) earnings per share. Shopify’s revenue for the quarter was up 92.9% on a year-over-year basis. Equities research analysts anticipate that Shopify will post ($0.15) earnings per share for the current year.
Large investors have recently modified their holdings of the company. FMR LLC increased its position in Shopify by 32.9% in the second quarter. FMR LLC now owns 9,586,883 shares of the company’s stock worth $294,892,000 after buying an additional 2,370,708 shares during the last quarter. Insight Holdings Group LLC increased its position in Shopify by 939.0% in the second quarter. Insight Holdings Group LLC now owns 2,444,839 shares of the company’s stock worth $75,203,000 after buying an additional 2,209,539 shares during the last quarter. Abdiel Capital Advisors LP increased its position in Shopify by 43.5% in the second quarter. Abdiel Capital Advisors LP now owns 2,407,342 shares of the company’s stock worth $74,050,000 after buying an additional 730,195 shares during the last quarter. Whale Rock Capital Management LLC increased its position in Shopify by 130.3% in the second quarter. Whale Rock Capital Management LLC now owns 989,538 shares of the company’s stock worth $30,438,000 after buying an additional 559,906 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in Shopify during the second quarter worth about $15,598,000. 58.80% of the stock is currently owned by hedge funds and other institutional investors.
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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