Shopify Inc. (SHOP) Receives Consensus Rating of “Buy” from Brokerages
Shares of Shopify Inc. (NYSE:SHOP) have been given an average recommendation of “Buy” by the twenty-three analysts that are covering the stock. One research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, fifteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $41.04.
Several analysts recently weighed in on the company. Wedbush restated an “outperform” rating and set a $35.00 price target (down previously from $40.00) on shares of Shopify in a report on Wednesday, August 3rd. Canaccord Genuity restated a “buy” rating and set a $44.00 price target on shares of Shopify in a report on Thursday, August 4th. Pacific Crest restated a “buy” rating on shares of Shopify in a report on Friday, October 7th. Goldman Sachs Group Inc. assumed coverage on Shopify in a report on Tuesday, October 4th. They set a “buy” rating and a $53.00 price target on the stock. Finally, Zacks Investment Research upgraded Shopify from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a report on Tuesday, July 12th.
Shares of Shopify (NYSE:SHOP) traded down 0.92% during trading on Thursday, reaching $42.00. The company’s stock had a trading volume of 706,537 shares. Shopify has a 1-year low of $18.48 and a 1-year high of $45.20. The stock’s market capitalization is $3.44 billion. The company’s 50-day moving average price is $42.47 and its 200 day moving average price is $34.07.
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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 the Thomson Reuters’ consensus estimate of ($0.08) by $0.04. The business had revenue of $86.36 million for the quarter, compared to analysts’ expectations of $80.62 million. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The company’s revenue for the quarter was up 92.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.03) EPS. Analysts anticipate that Shopify will post ($0.15) EPS for the current year.
A number of large investors have recently modified their holdings of the stock. CIBC World Markets Inc. increased its stake in shares of Shopify by 7.7% in the first quarter. CIBC World Markets Inc. now owns 11,967 shares of the company’s stock worth $338,000 after buying an additional 855 shares during the last quarter. Amica Retiree Medical Trust increased its stake in shares of 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. Manitou Investment Management Ltd. increased its stake in shares of Shopify by 17.1% in the second quarter. Manitou Investment Management Ltd. now owns 16,080 shares of the company’s stock valued at $495,000 after buying an additional 2,350 shares in the last quarter. First Mercantile Trust Co. acquired a new stake in shares of Shopify during the third quarter valued at $124,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Shopify during the second quarter valued at $104,000. 58.80% of the stock is currently owned by 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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