Shopify’s (SHOP) Buy Rating Reaffirmed at Pacific Crest
Other research analysts have also issued research reports about the company. Macquarie set a $52.00 target price on Shopify and gave the company a buy rating in a research report on Wednesday, September 14th. Robert W. Baird restated an outperform rating and set a $40.00 target price (up previously from $34.00) on shares of Shopify in a research report on Thursday, August 4th. Goldman Sachs Group Inc. started coverage on Shopify in a research report on Tuesday, October 4th. They set a buy rating and a $53.00 target price for the company. Morgan Stanley lowered Shopify from an overweight rating to an equal weight rating and boosted their target price for the company from $37.00 to $47.00 in a research report on Wednesday, September 28th. They noted that the move was a valuation call. Finally, Monness Crespi & Hardt started coverage on Shopify in a research report on Wednesday, June 29th. They set a buy rating and a $35.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $40.84.
Shopify (NYSE:SHOP) opened at 42.39 on Friday. Shopify has a 52-week low of $18.48 and a 52-week high of $45.20. The company’s market cap is $3.47 billion. The firm’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 released its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.04) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.04. The company earned $86.36 million during the quarter, compared to analyst estimates of $80.62 million. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The firm’s revenue was up 92.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.03) earnings per share. On average, equities analysts anticipate that Shopify will post ($0.15) EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in SHOP. CIBC World Markets Inc. raised its position in Shopify by 7.7% in the first quarter. CIBC World Markets Inc. now owns 11,967 shares of the company’s stock valued at $338,000 after buying an additional 855 shares in the last quarter. Renaissance Technologies LLC raised its position in Shopify by 692.6% in the first quarter. Renaissance Technologies LLC now owns 64,200 shares of the company’s stock valued at $1,815,000 after buying an additional 56,100 shares in the last quarter. Bayesian Capital Management LP purchased a new position in Shopify during the first quarter valued at about $238,000. Insight Holdings Group LLC raised 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 valued at $75,203,000 after buying an additional 2,209,539 shares in the last quarter. Finally, Hamilton Lane Advisors LLC raised its position in Shopify by 26.2% in the second quarter. Hamilton Lane Advisors LLC now owns 27,981 shares of the company’s stock valued at $820,000 after buying an additional 5,806 shares in the last quarter. 58.80% of the stock is currently owned by institutional investors and hedge funds.
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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