Shopify Inc. (SHOP) Upgraded by BidaskClub to Strong-Buy
Shopify Inc. (NYSE:SHOP) (TSE:SH) was upgraded by equities research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a report issued on Tuesday.
Several other research analysts have also issued reports on the company. Roth Capital set a $82.00 target price on Shopify and gave the stock a “buy” rating in a research report on Tuesday, April 25th. Mackie reissued a “buy” rating and issued a $95.00 target price (up previously from $70.00) on shares of Shopify in a research report on Sunday, April 23rd. Vetr lowered Shopify from a “strong-buy” rating to a “buy” rating and set a $78.85 target price for the company. in a research report on Friday, April 14th. BTIG Research reissued a “buy” rating and issued a $75.00 target price (up previously from $65.00) on shares of Shopify in a research report on Tuesday, March 21st. Finally, Canaccord Genuity reissued a “buy” rating and issued a $90.00 target price (up previously from $68.00) on shares of Shopify in a research report on Tuesday, May 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. Shopify presently has a consensus rating of “Buy” and a consensus price target of $79.11.
Shares of Shopify (NYSE:SHOP) traded down 5.43% during midday trading on Tuesday, reaching $87.04. The company’s stock had a trading volume of 2,175,883 shares. The company’s 50-day moving average price is $90.50 and its 200 day moving average price is $66.00. The company’s market capitalization is $7.96 billion. Shopify has a 12-month low of $26.35 and a 12-month high of $100.80.
Shopify (NYSE:SHOP) (TSE:SH) last released its quarterly earnings results on Tuesday, May 2nd. The software maker reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.07. The business had revenue of $127.40 million during the quarter, compared to analyst estimates of $121.67 million. Shopify had a negative return on equity of 11.26% and a negative net margin of 9.01%. Shopify’s quarterly revenue was up 75.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.06) EPS. On average, equities research analysts forecast that Shopify will post ($0.14) earnings per share for the current year.
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A number of institutional investors have recently made changes to their positions in SHOP. FMR LLC boosted its stake in Shopify by 1.5% in the first quarter. FMR LLC now owns 11,571,684 shares of the software maker’s stock worth $787,916,000 after buying an additional 171,294 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Shopify by 4.7% in the first quarter. Renaissance Technologies LLC now owns 1,347,000 shares of the software maker’s stock worth $91,732,000 after buying an additional 61,000 shares in the last quarter. Scge Management L.P. boosted its stake in Shopify by 16.7% in the first quarter. Scge Management L.P. now owns 1,015,000 shares of the software maker’s stock worth $69,111,000 after buying an additional 145,000 shares in the last quarter. Morgan Stanley boosted its stake in Shopify by 117.8% in the first quarter. Morgan Stanley now owns 643,902 shares of the software maker’s stock worth $43,843,000 after buying an additional 348,254 shares in the last quarter. Finally, Norges Bank acquired a new stake in Shopify during the fourth quarter worth approximately $14,251,000. 61.29% of the stock is currently owned by institutional investors.
Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.
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