Shopify Inc. (SHOP) Now Covered by Analysts at Rosenblatt Securities
Rosenblatt Securities assumed coverage on shares of Shopify Inc. (NYSE:SHOP) in a research note issued on Wednesday. The firm set a “buy” rating and a $50.00 price target on the stock. Rosenblatt Securities’ price target points to a potential upside of 17.70% from the stock’s previous close.
Other analysts have also issued research reports about the stock. Morgan Stanley lowered shares of Shopify from an “overweight” rating to an “equal weight” rating and raised 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 reissued an “outperform” rating and issued a $40.00 price target (up previously from $34.00) on shares of Shopify in a report on Thursday, August 4th. Royal Bank Of Canada reissued an “outperform” rating and issued a $37.00 price target on shares of Shopify in a report on Wednesday, July 27th. Macquarie set a $52.00 price target on shares of Shopify and gave the company a “buy” rating in a report on Wednesday, September 14th. Finally, Credit Suisse Group AG reissued an “outperform” rating and issued a $46.00 price target on shares of Shopify in a report on Thursday, August 18th. 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. The company currently has a consensus rating of “Buy” and a consensus price target of $41.44.
Shopify (NYSE:SHOP) opened at 42.48 on Wednesday. The stock’s 50 day moving average price is $42.61 and its 200 day moving average price is $34.53. Shopify has a 12-month low of $18.48 and a 12-month high of $45.20. The company’s market capitalization is $3.48 billion.
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Shopify (NYSE:SHOP) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.04. The company had revenue of $86.36 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business posted ($0.03) earnings per share. On average, equities research analysts anticipate that Shopify will post ($0.15) earnings per share for the current fiscal year.
Large investors have recently modified their holdings of the company. Insight Holdings Group LLC boosted 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 period. Bayesian Capital Management LP acquired a new stake in shares of Shopify during the first quarter valued at approximately $238,000. Stephens Investment Management Group LLC acquired a new stake in shares of Shopify during the second quarter valued at approximately $13,921,000. Macquarie Group Ltd. acquired a new stake in shares of Shopify during the second quarter valued at approximately $1,737,000. Finally, Swiss National Bank boosted its stake in shares of Shopify by 98.9% in the second quarter. Swiss National Bank now owns 53,300 shares of the company’s stock valued at $1,632,000 after buying an additional 26,500 shares during the period. 54.07% of the stock is currently owned by hedge funds and other institutional investors.
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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