Shopify’s (SHOP) Buy Rating Reaffirmed at Pacific Crest
A number of other equities research analysts have also weighed in on the stock. Goldman Sachs Group Inc. assumed coverage on shares of Shopify in a report on Tuesday, October 4th. They issued a buy rating and a $53.00 price objective on the stock. CIBC assumed coverage on shares of Shopify in a report on Thursday, September 29th. They issued a sector outperform rating on the stock. Morgan Stanley lowered shares of Shopify from an overweight rating to an equal weight rating and raised their price objective 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 objective on shares of Shopify and gave the company a buy rating in a report on Wednesday, September 14th. Finally, KeyCorp restated a buy rating and issued a $43.00 price objective (up from $40.00) on shares of Shopify in a report on Monday, August 22nd. One 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 company. The company has a consensus rating of Buy and a consensus price target of $40.84.
Shopify (NYSE:SHOP) opened at 42.39 on Friday. The firm has a 50-day moving average of $42.47 and a 200 day moving average of $34.07. Shopify has a 12-month low of $18.48 and a 12-month high of $45.20. The stock’s market capitalization is $3.47 billion.
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Shopify (NYSE:SHOP) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.04) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.04. Shopify had a negative net margin of 10.03% and a negative return on equity of 14.67%. The business had revenue of $86.36 million for the quarter, compared to analyst estimates of $80.62 million. During the same period last year, the business earned ($0.03) EPS. The company’s revenue was up 92.9% on a year-over-year basis. On average, analysts predict that Shopify will post ($0.15) earnings per share for the current fiscal year.
Hedge funds have recently modified their holdings of the stock. FMR LLC increased 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 during the last quarter. Insight Holdings Group LLC increased 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 during the last quarter. Abdiel Capital Advisors LP increased 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 during the last quarter. Whale Rock Capital Management LLC increased 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 during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Shopify during the second quarter valued at $15,598,000. 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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