Shopify Inc. (SHOP) Research Coverage Started at Goldman Sachs Group Inc.
Research analysts at Goldman Sachs Group Inc. initiated coverage on shares of Shopify Inc. (NYSE:SHOP) in a research report issued to clients and investors on Tuesday. The brokerage set a “buy” rating and a $53.00 price target on the stock. Goldman Sachs Group Inc.’s price target suggests a potential upside of 19.48% from the company’s previous close.
A number of other equities analysts have also issued reports on SHOP. Morgan Stanley lowered Shopify from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $37.00 to $47.00 in a research note on Wednesday, September 28th. They noted that the move was a valuation call. CIBC assumed coverage on Shopify in a research note on Thursday, September 29th. They set a “sector outperform” rating for the company. Pacific Crest reaffirmed a “buy” rating on shares of Shopify in a research note on Monday, August 22nd. KeyCorp reaffirmed a “buy” rating and set a $43.00 price target (up from $40.00) on shares of Shopify in a research note on Monday, August 22nd. Finally, Macquarie reaffirmed an “outperform” rating and set a $67.00 price target (up from $59.00) on shares of Shopify in a research note on Wednesday, August 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $40.84.
Shares of Shopify (NYSE:SHOP) traded up 1.56% during midday trading on Tuesday, hitting $44.36. The stock had a trading volume of 735,420 shares. The firm’s market cap is $3.63 billion. The company’s 50-day moving average price is $42.41 and its 200-day moving average price is $33.73. 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 (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 business earned $86.36 million during the quarter, compared to analyst estimates of $80.62 million. During the same period in the prior year, the company posted ($0.03) EPS. The business’s revenue for the quarter was up 92.9% compared to the same quarter last year. Equities research analysts forecast that Shopify will post ($0.15) EPS for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC raised its stake in shares of Shopify by 32.9% in the second quarter. FMR LLC now owns 9,586,883 shares of the company’s stock valued at $294,892,000 after buying an additional 2,370,708 shares in the last quarter. Insight Holdings Group LLC raised its stake in shares of Shopify by 939.0% in the second quarter. Insight Holdings Group LLC now owns 2,444,839 shares of the company’s stock valued at $75,203,000 after buying an additional 2,209,539 shares in the last quarter. Abdiel Capital Advisors LP raised its stake in shares of Shopify by 43.5% in the second quarter. Abdiel Capital Advisors LP now owns 2,407,342 shares of the company’s stock valued at $74,050,000 after buying an additional 730,195 shares in the last quarter. Whale Rock Capital Management LLC raised its stake in shares of Shopify by 130.3% in the second quarter. Whale Rock Capital Management LLC now owns 989,538 shares of the company’s stock valued at $30,438,000 after buying an additional 559,906 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its stake in shares of Shopify by 19.6% in the second quarter. Lord Abbett & CO. LLC now owns 737,295 shares of the company’s stock valued at $22,679,000 after buying an additional 121,033 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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