Shopify Inc. (SHOP) Research Coverage Started at Dundee Securities
Equities researchers at Dundee Securities initiated coverage on shares of Shopify Inc. (NYSE:SHOP) in a research report issued to clients and investors on Monday, The Fly reports. The brokerage set a “neutral” rating on the stock.
Other equities research analysts also recently issued research reports about the stock. Piper Jaffray Cos. set a $40.00 price objective on shares of Shopify and gave the stock a “buy” rating in a report on Wednesday, August 3rd. RBC Capital Markets reaffirmed an “outperform” rating and issued a $42.00 price objective (up previously from $37.00) on shares of Shopify in a report on Thursday, August 4th. Monness Crespi & Hardt boosted their price target on shares of Shopify from $35.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Wedbush reiterated an “outperform” rating and issued a $35.00 price target (down from $40.00) on shares of Shopify in a research report on Wednesday, August 3rd. Finally, Citigroup Inc. reiterated a “hold” rating and issued a $40.00 price target on shares of Shopify in a research report on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Shopify has a consensus rating of “Buy” and an average target price of $40.84.
Shares of Shopify (NYSE:SHOP) opened at 42.82 on Monday. The firm’s 50 day moving average is $42.56 and its 200 day moving average is $34.23. The firm’s market capitalization is $3.50 billion. Shopify has a 1-year low of $18.48 and a 1-year high of $45.20.
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Shopify (NYSE:SHOP) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.04. The business earned $86.36 million during the quarter, compared to the consensus estimate of $80.62 million. Shopify had a negative net margin of 10.03% and a negative return on equity of 14.67%. The company’s quarterly revenue was up 92.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.03) earnings per share. Analysts anticipate that Shopify will post ($0.15) EPS for the current fiscal year.
Several large investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC purchased a new stake in shares of Shopify during the second quarter valued at approximately $104,000. Amica Retiree Medical Trust boosted 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 last quarter. First Mercantile Trust Co. purchased a new stake in shares of Shopify during the third quarter valued at approximately $124,000. Bayesian Capital Management LP purchased a new stake in shares of Shopify during the first quarter valued at approximately $238,000. Finally, Tocqueville Asset Management L.P. purchased a new stake in shares of Shopify during the second quarter valued at approximately $246,000. 54.07% of the stock is 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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