Shopify Inc. (SHOP) Now Covered by Analysts at Dundee Securities
Analysts at Dundee Securities initiated coverage on shares of Shopify Inc. (NYSE:SHOP) in a research report issued on Monday, The Fly reports. The firm set a “neutral” rating on the stock.
Several other equities research analysts have also issued reports on the company. Morgan Stanley lowered Shopify from an “overweight” rating to an “equal weight” rating and lifted 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. Robert W. Baird reiterated an “outperform” rating and set a $40.00 price target (up from $34.00) on shares of Shopify in a report on Thursday, August 4th. Royal Bank Of Canada reiterated an “outperform” rating and set a $37.00 price target on shares of Shopify in a report on Wednesday, July 27th. Macquarie set a $52.00 price objective on Shopify and gave the company a “buy” rating in a research note on Wednesday, September 14th. Finally, Credit Suisse Group AG reissued an “outperform” rating and issued a $46.00 price objective on shares of Shopify in a research note on Thursday, August 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $40.84.
Shares of Shopify (NYSE:SHOP) opened at 42.82 on Monday. Shopify has a 52-week low of $18.48 and a 52-week high of $45.20. The company’s 50-day moving average is $42.56 and its 200-day moving average is $34.23. The firm’s market cap is $3.50 billion.
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Shopify (NYSE:SHOP) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.04) EPS for the quarter, topping the Zacks’ 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 analyst estimates of $80.62 million. During the same period last year, the company posted ($0.03) EPS. The business’s quarterly revenue was up 92.9% compared to the same quarter last year. Equities research analysts forecast that Shopify will post ($0.15) earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of the stock. Cubist Systematic Strategies LLC bought a new stake in Shopify during the second quarter worth approximately $104,000. 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 during the period. First Mercantile Trust Co. acquired a new stake in shares of Shopify during the third quarter valued at about $124,000. Bayesian Capital Management LP acquired a new stake in shares of Shopify during the first quarter valued at about $238,000. Finally, Tocqueville Asset Management L.P. acquired a new stake in shares of Shopify during the second quarter valued at about $246,000. 54.07% of the stock is currently owned by institutional investors and hedge funds.
Shopify Company Profile
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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