Shopify Inc. (SHOP) Stock Rating Reaffirmed by KeyCorp
A number of other analysts have also recently weighed in on the stock. Morgan Stanley cut shares of Shopify from an overweight rating to an equal weight rating and increased their target price for the stock from $37.00 to $47.00 in a report on Wednesday, September 28th. They noted that the move was a valuation call. Robert W. Baird reissued an outperform rating and set a $40.00 target price (up from $34.00) on shares of Shopify in a report on Thursday, August 4th. Royal Bank Of Canada reissued an outperform rating and set a $37.00 target price on shares of Shopify in a report on Wednesday, July 27th. Credit Suisse Group AG reaffirmed an outperform rating and issued a $46.00 price objective on shares of Shopify in a report on Thursday, August 18th. Finally, Macquarie set a $52.00 price objective on shares of Shopify and gave the stock a buy rating in a report on Wednesday, September 14th. 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 given a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $40.84.
Shares of Shopify (NYSE:SHOP) opened at 44.36 on Friday. The stock’s market cap is $3.63 billion. Shopify has a 12-month low of $18.48 and a 12-month high of $45.20. The company’s 50-day moving average is $42.41 and its 200-day moving average is $33.73.
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Shopify (NYSE:SHOP) last issued its earnings results 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. The company had revenue of $86.36 million for the quarter, compared to analysts’ expectations of $80.62 million. Shopify had a negative net margin of 10.03% and a negative return on equity of 14.67%. The firm’s revenue was up 92.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.03) earnings per share. On average, analysts expect that Shopify will post ($0.15) earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC boosted its position 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 during the last quarter. Insight Holdings Group LLC boosted its position 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 during the last quarter. Abdiel Capital Advisors LP boosted its position 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 during the last quarter. Whale Rock Capital Management LLC boosted its position 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 during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Shopify during the second quarter valued at approximately $15,598,000. 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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