Shopify Inc. (SHOP) Earns Buy Rating from Analysts at Rosenblatt Securities
Equities research analysts at Rosenblatt Securities assumed coverage on shares of Shopify Inc. (NYSE:SHOP) in a report issued on Wednesday. The brokerage set a “buy” rating and a $50.00 price target on the stock. Rosenblatt Securities’ target price points to a potential upside of 17.70% from the stock’s current price.
Several other research firms also recently weighed in on SHOP. KeyCorp reiterated a “buy” rating on shares of Shopify in a research note on Sunday, October 9th. Morgan Stanley cut shares of Shopify from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $37.00 to $47.00 in a research note on Wednesday, September 28th. They noted that the move was a valuation call. Pacific Crest reaffirmed a “buy” rating on shares of Shopify in a research note on Friday, October 7th. Goldman Sachs Group Inc. assumed coverage on shares of Shopify in a research note on Tuesday, October 4th. They set a “buy” rating and a $53.00 price objective for the company. Finally, Dundee Securities assumed coverage on shares of Shopify in a research note on Monday. They set a “neutral” rating and a $45.00 price objective for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $41.44.
Shopify (NYSE:SHOP) opened at 42.48 on Wednesday. Shopify has a 1-year low of $18.48 and a 1-year high of $45.20. The company’s market cap is $3.48 billion. The stock’s 50 day moving average is $42.61 and its 200 day moving average is $34.53.
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Shopify (NYSE:SHOP) last posted its earnings results 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 firm 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 revenue was up 92.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.03) earnings per share. Equities analysts anticipate that Shopify will post ($0.15) earnings per share for the current fiscal year.
A number of large investors have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC purchased a new stake in Shopify during the second quarter worth approximately $104,000. Amica Retiree Medical Trust increased its position 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 worth $114,000 after buying an additional 1,652 shares during the last quarter. First Mercantile Trust Co. bought a new position in shares of Shopify during the third quarter worth about $124,000. Bayesian Capital Management LP bought a new position in shares of Shopify during the first quarter worth about $238,000. Finally, Tocqueville Asset Management L.P. bought a new position in shares of Shopify during the second quarter worth about $246,000. Institutional investors own 54.07% of the company’s stock.
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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