Royal Bank Of Canada Reiterates Sector Perform Rating for Shopify Inc. (SHOP)
Shopify Inc. (NYSE:SHOP) (TSE:SH)‘s stock had its “sector perform” rating reaffirmed by equities researchers at Royal Bank Of Canada in a report released on Tuesday. They presently have a $99.00 target price on the software maker’s stock, up from their previous target price of $78.00. Royal Bank Of Canada’s target price suggests a potential upside of 2.58% from the company’s current price.
Other research analysts have also issued research reports about the company. Vetr lowered Shopify from a “strong-buy” rating to a “buy” rating and set a $101.99 target price on the stock. in a research report on Thursday, June 22nd. Wedbush reiterated an “outperform” rating and set a $115.00 target price (up previously from $100.00) on shares of Shopify in a research report on Tuesday. Credit Suisse Group reiterated an “outperform” rating and set a $95.00 target price on shares of Shopify in a research report on Tuesday, May 23rd. BidaskClub lowered Shopify from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. Finally, KeyCorp reiterated an “overweight” rating on shares of Shopify in a research report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Shopify presently has a consensus rating of “Buy” and a consensus target price of $88.33.
Shopify (NYSE:SHOP) traded down 1.31% during midday trading on Tuesday, hitting $96.51. 1,466,581 shares of the stock traded hands. Shopify has a 12 month low of $37.00 and a 12 month high of $105.79. The firm’s market cap is $9.51 billion. The company’s 50 day moving average price is $91.55 and its 200 day moving average price is $76.40.
Shopify (NYSE:SHOP) (TSE:SH) last announced its earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.05. Shopify had a negative return on equity of 8.26% and a negative net margin of 8.96%. The firm had revenue of $151.70 million for the quarter, compared to analyst estimates of $143.94 million. During the same quarter last year, the firm posted ($0.04) EPS. The business’s revenue was up 75.2% on a year-over-year basis. Equities research analysts predict that Shopify will post ($0.05) earnings per share for the current fiscal year.
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Institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC acquired a new position in Shopify during the fourth quarter worth $203,000. Norges Bank acquired a new position in Shopify during the fourth quarter worth $14,251,000. Macquarie Group Ltd. boosted its position in Shopify by 8.3% in the fourth quarter. Macquarie Group Ltd. now owns 76,568 shares of the software maker’s stock worth $3,282,000 after buying an additional 5,900 shares in the last quarter. Creative Planning boosted its position in Shopify by 457.7% in the first quarter. Creative Planning now owns 10,574 shares of the software maker’s stock worth $720,000 after buying an additional 8,678 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new position in Shopify during the first quarter worth $810,000. Institutional investors and hedge funds own 61.47% of the company’s stock.
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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