Goldman Sachs Group Inc. Initiates Coverage on Shopify Inc. (SHOP)
Several other equities analysts have also recently commented on the company. CIBC began coverage on Shopify in a report on Thursday, September 29th. They issued a sector outperform rating for the company. Morgan Stanley cut Shopify from an overweight rating to an equal weight rating and upped their price target for the company from $37.00 to $47.00 in a report on Wednesday, September 28th. They noted that the move was a valuation call. Macquarie set a $52.00 price target on Shopify and gave the company a buy rating in a report on Wednesday, September 14th. Pacific Crest reaffirmed a buy rating on shares of Shopify in a report on Monday, August 22nd. Finally, KeyCorp reaffirmed a buy rating and issued a $43.00 price target (up previously from $40.00) on shares of Shopify in a 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 given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $40.84.
Shopify (NYSE:SHOP) opened at 44.36 on Tuesday. The firm’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. The firm’s market cap is $3.63 billion.
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Shopify (NYSE:SHOP) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate 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 firm earned $86.36 million during the quarter, compared to the consensus estimate of $80.62 million. During the same quarter in the prior year, the company earned ($0.03) EPS. The firm’s revenue for the quarter was up 92.9% compared to the same quarter last year. Equities research analysts predict that Shopify will post ($0.15) earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Insight Holdings Group LLC raised 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 worth $75,203,000 after buying an additional 2,209,539 shares during the last quarter. Bayesian Capital Management LP purchased a new position in shares of Shopify during the first quarter worth approximately $238,000. Stephens Investment Management Group LLC purchased a new position in shares of Shopify during the second quarter worth approximately $13,921,000. Macquarie Group Ltd. purchased a new position in shares of Shopify during the second quarter worth approximately $1,737,000. Finally, I.G. Investment Management LTD. raised its position in shares of Shopify by 12.2% in the second quarter. I.G. Investment Management LTD. now owns 182,470 shares of the company’s stock worth $5,613,000 after buying an additional 19,903 shares during the last quarter. Hedge funds and other 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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